Lagos Alone Generates 55% Of Nigeria’s VAT – Adeosun

Lagos Alone Generates 55% Of Nigeria’s VAT – Adeosun

Must Read

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

Top 10 Most Expensive Universities In Nigeria

For many Nigerians, high-quality higher education is a luxury. There are many private universities who are known not only...
- Advertisement -
The minister for finance, Mrs Kemi Adeosun, has said more than half of Nigeria’s value added tax (VAT) comes from Lagos state alone.
The minister disclosed this at a parley between the federal government and progressive governors’ forum (PGF) in Abuja, yesterday. She said the 87 percent of Nigeria’s VAT is derived from four states and the Federal Capital Territory (FCT).
- Advertisement -

According to her, only 13 percent of Nigeria’s VAT comes from 32 other states in the federation. She also said no country in the world with high tax compliance rate is poor, and no rich country has a low tax compliance rate.

She said: ‘‘There is no poor country that has a high tax compliance rate, and no rich country that has a low one.” Speaking further she said, “55% of Nigeria’s VAT is collected in Lagos State, 20% in FCT, 6% in Rivers, 5% in Kano, 1% in Kaduna. I’m hoping that one day Finance Commissioners will stop needing to come to Abuja monthly to share FAAC, because IGR (internally generated revenue) will be sufficient.”
The minister had earlier complained about the country’s abysmal tax-to-GDP ratio, which she said was at six percent, further stating it to be one of the lowest in the world. Speaking on the topic “The Funding Nigeria Needs,” the minister says the states must do more to generate revenue from with and not solely depend on the federal government for federal allocation
Read:  How Poor Electricity Supply May Deny Nigeria From Taking Advantages From The AfCFTA Agreement - GENCOS

Lagos Alone Generates 55% Of Nigeria’s VAT – Adeosun(financialwatchngr)

- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

GDP grows by 2.55% YoY in Q4’19 as non-oil sector consolidates gains

CardinalStone Research According to the National Bureau of Statistics (NBS), Nigeria’s economy grew by 2.55% YoY in Q4’19 compared to...

Cornerstone Insurance Announces Results of the Board Meeting held on 20 February 2020

In line with Rule 1.1 of the Rules Relating to Board Meetings and General Meetings of Issuers, Cornerstone Insurance PLC (“The Company”) wishes to...

CPA Australia: Worldwide accounting profession’s call to action on climate change

MELBOURNE, AUSTRALIA - Media OutReach - 25 February 2020 - CPA Australia and Chartered Accountants Australia and New Zealand have joined 13 of the world's largest professional...

The League of Legends Pacific Championship Series begins on 29 February

SINGAPORE - Media OutReach - 25 February 2020 - The inaugural season of the Pacific Championship Series (PCS), featuring 10 teams across Southeast Asia, Taiwan and Hong...
%d bloggers like this: