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Tag: Revenue

  • FAAC: FG, states, LGs share N1.354 trn

    FAAC: FG, states, LGs share N1.354 trn

    The Federation Accounts Allocation Committee (FAAC) gas shared a total sum of N1.354 trillion June revenue among the Federal Government, states and Local Government Councils (LGCs).

    The revenue was shared at the July meeting of FAAC, held in Abuja and chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

    A communiqué issued by FAAC stated that the N1.354 trillion total revenue comprised statutory revenue of N 142.514 billion, and Value Added Tax (VAT) revenue of N523.973 billion.

    I also comprised Electronic Money Transfer Levy (EMTL) revenue of N15.692 billion, Exchange Difference revenue of N472.192 billion, and Augmentation of N200 billion.

    The communique said that a total revenue of N2.483 trillion was available in the month of June 2024.

    ” Total deduction for cost of collection was N92.112 billion, while total transfers, interventions, and refunds was N1.037 trillion.

    “Gross statutory revenue of N1.432 trillion was received for the month of June. This was higher than the sum of N1.223 trillion received in the month of May by N208.773 billion.

    “Gross revenue of N562.685 billion was available from VAT in June.

    “This was higher than the N497.665 billion available in the month of May by N65.020 billion,” it said.

    Accordimg to the communiqué, from the N1.354 trillion total revenue, the Federal Government received total sum of N459.776 billion, the state governments received total sum of N461.979 billion and the LGCs received total sum of N337.019 billion.

    It said that a total sum of N95.598 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

    It added that the balance in the Excess Crude Account was 473, 754 dollars.

  • No resident will get up to N2,500 if we share Anambra’s revenue – Soludo

    No resident will get up to N2,500 if we share Anambra’s revenue – Soludo

    Anambra State Governor, Chukwuma Soludo has said that no resident will receive up to N2,500 if the state’s monthly revenues are to be shared.

    Soludo said this while speaking at The Platform, a programme by Lagos-based church, Covenant Nation, to mark the 2024 Democracy Day on Wednesday, June 12.

    He emphasised that he shares the pains of Nigerians in these difficult times.

    He said: “As a person, for example, I deeply feel the pains of Nigerians at these challenging times especially the over 100 million Nigerians who are multidimensionally poor. Times are hard.”

    “Sometimes, I just wish that I can give every resident of Anambra maybe a million naira each to ameliorate the hardship that we have, but the reality is that if we get our entire revenue in a month, both from FAAC and from our IGR and put it on the table, call all our estimated 8.5 million residents and share it, nobody will get up to N2,500.”

    Soludo lamented that it is from the same money that can’t go around for N2,500 each that he will still have to pay salaries, gratuities, build roads, and invest in health and education among others.

  • Nigeria’s cinema records N2.25bn revenue in Q1 2024

    Nigeria’s cinema records N2.25bn revenue in Q1 2024

    Nigeria’s cinema has generated a revenue of N2.25 billion from tickets sold in the first quarter of 2024.

    Filmone Entertainment, an independent film distribution and production company, revealed this in its Nigerian Box Office Year Book for 2023, released on Monday.

    The period under review had a remarkable improvement from ticket sales compared to N1.5 billion generated in first quarter of 2023.

    According to the details, total admission of persons at the cinemas in the first quarter of this year was 596,609, while the same period in 2023 witnessed 620,477 attendance.

    Also, average ticket price in the first quarter of the year stood at N3,765 and N2, 479 for 2023.

    The details read: “The box office revenue for Q1 2024 is N2.25 billion, inclusive of spillovers, with 596,609 admissions.

    “Year-on-year, this is a 46 per cent improvement in box office revenues, although ticket prices have indeed gone up by 52 per cent.

    “Nonetheless, despite the huge spike in ticket prices, the admissions rate is down by 4 per cent year-on-year, which translates to a negative correlation of admissions to ticket prices.

    “We have seen Nollywood hold 56 per cent of the box ofice over the period, with the highest grossing film of the year: A tribe called Judah, responsible for 27 per cent of the Q1 overall revenue, and Warner Bros. Aquaman and the lost kingdom with 11 per cent.

    “There have been a total of 40 new titles released in the territory already in Q1 excluding spillovers.”

  • FAAC: FG, states, LGs share N1.208trn revenue for April

    FAAC: FG, states, LGs share N1.208trn revenue for April

    The Federation Account Allocation Committee (FAAC), has shared the sum of N1.208 trlllion as revenue for April among the Federal Government, states and Local Government Councils (LGCs).

    The revenue was shared on Thursday at the May meeting of FAAC in Abuja.

    A communiqué issued by the committee said that the N1.208 tillion total distributable revenue comprised statutory revenue of N284.716 billion, and Value Added Tax (VAT) revenue of N466.457 billion.

    It also comprised Electronic Money Transfer Levy (EMTL) revenue of N18.024 billion, and Exchange Difference revenue of N438.884 billion.

    The communique said the total revenue of N2.192 billion was available in the month of April.

    “Total deduction for cost of collection is N80.517 billion; total transfers, interventions and refunds is N903.479 billion.

    The communique said the Gross statutory revenue of N1.233 billion was received for the month under review. This was higher than the sum of N1.017 billion received in the month of March  by N216.282 billion,” it said.

    It said that the gross revenue available from VAT in April was N500.920 billion, which is lower than the N549.698 billion available in March by N48.778 billion.

    The communiqué said that from the N1.208 trillion total distributable revenue, the Federal Government received N390.412 billion, the state governments received N403.403 billion and the LGCs received N293.816 billion.

    “A total sum of N120.450 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

    It said that on the N284.716 billion distributable statutory revenue, the Federal Government received N112.148 billion, the state governments received N56.883 billion and the LGCs received N43.855 billion.

    It said that the sum of N71.830 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

    “The Federal Government received N69.969 billion, the state governments received N233.229 billion and the LGCs received N163.260 billion from the N466.457 billion distributable VAT revenue.

    “A total sum of N2.704 billion was received by the Federal Government from the N18.024 billion EMTL, the state governments received N9.012 billion and the LGCs received N6.308 billion.

    “The Federal Government received N205.591 billion from the N438.884 billion Exchange Difference revenue; the state governments received N104.279 billion, and the LGCs received N80.394 billion.

    “The sum of N48.620 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

    According to the communiqué, Oil and Gas Royalties, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), EMTL and CET Levies increased significantly.

    It, however, said that Import Duty and VAT recorded considerable decreases.

    “The balance in the ECA was 473.754 million dollars.

  • FIRS generates N12.3 trn in 2023 – CEO

    FIRS generates N12.3 trn in 2023 – CEO

    The Chief Executive, Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, said that the organisation witnessed unprecedented progress in revenue collection, culminating in a remarkable achievement of N12.3 trillion in 2023.

    The chief executive, who was represented by a staff of the organisation, Mrs Aisha Ribadu, said this on Friday at the FIRS special day at the ongoing 35th Enugu International Trade Fair.

    Adedeji said that this success was a testament to its dedication to nurturing and empowering its workforce, and to ensuring they possessed the skills, knowledge and tools necessary to excel.

    He expressed his heartfelt appreciation to the Enugu State Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) for its discerning choice of theme, “Promoting Made-in-Nigeria Products for Global Competitiveness”.

    The FIRS boss added that the choice of theme reflected the collective aspiration to not only dominate the African market but to assert relevance on the global stage.

    “Investing in human capital is the cornerstone of sustainable development, and nations that prioritise human  development inevitably experience  enduring growth and prosperity.

    “The FIRS has spearheaded transformative reforms aimed at diversifying revenue sources and enhancing the overall taxpayer experience.

    “One of such initiatives is the introduction of the Taxpromax Solutions, an innovative e-service platform designed to empower taxpayers to fulfill their obligations seamlessly from anywhere at any time,” Adedeji said.

    He expressed gratitude to ECCIMA for affording the FIRS the invaluable opportunity to showcase its commitment to national development.

    In a welcome address, the ECCIMA President, Mr Odeiga Jideonwo, said that the essence of the special day was to bring the business community and the general public closer to the activities and operations of the FIRS.

    Jideonwo, who was represented by the first Deputy President, Nnanyereugo Onyemelukwe, said that the FIRS should  work in tandem with other agencies of government and stakeholders in the organised private  sector.

    He said that it would enable the FIRS to redefine and streamline tax administration and regime in the country.

    ” It will also bring about a society  wherein the rich and poor will leverage each other in contributing to the development of the society in a fair and just manner, as it affects company tax by various businesses,” he said.

    He commended the chief executive for its various innovations aimed at voluntary bringing into the FIRS database, companies in order to boost the tax network.

    Jideonwo added that it would also boost revenue with the attendant grace offered in the process to those who had been evading tax payment.

  • FAAC shares N1.152trn revenue among FG, states, LGCs

    FAAC shares N1.152trn revenue among FG, states, LGCs

    The Federation Account Allocation Committee (FAAC) has shared a total sum of N1.152 trillion February revenue to the Federal Government, states and Local Government Councils (LGCs).

    The revenue was shared on Thursday at the March meeting of FAAC chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun.

    According to a communiqué issued by FAAC, the N1.152 trillion total distributable revenue comprised distributable statutory revenue of N101.349 billion and distributable Value Added Tax (VAT) revenue of N428.806 billion.

    It also comprised Electronic Money Transfer Levy (EMTL) revenue of N15.157 billion and Exchange Difference revenue of N607.444 billion.

    “Total revenue of N2.326 trillion was available in the month of February.

    “Total deduction for cost of collection was N66.456 billion; total transfers, interventions and refunds was N856.937 billion and savings was N250.000 billion.

    “Gross statutory revenue of N1.192 trillion was received for the month of February, which is higher than the sum of N1.151 trillion received in January by N40.620 billion,” the communique said.

    It said that the gross revenue available from VAT in February was N460.487 billion, which was higher than the N420.733 billion* available in January by N39.755 billion.

    The communiqué said that from the N1.152 trillion total distributable revenue, the Federal Government received a total of N352.409 billion, the State Governments received N366.950 billion and the LGCs received N267.153 billion.

    “A total sum of N166.244 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

    “From the N101.349 billion distributable statutory revenue, the Federal Government received N7.351 billion, the state governments received N3.729 billion and the LGCs received N2.875 billion.

    ”The sum of N87.394 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

    It further said that the Federal Government received N64.321 billion, the state Governments received N214.403 billion, and the LGCs received N150.082 billion from the N428.806 billion distributable VAT revenue.

    According to the communique, the N15.157 billion EMTL was shared as follows:

    The Federal Government received N2.274 billion, the state governments received__ N7.578 billion and the LGCs received N5.305 billion.

    “The Federal Government received N278.463 billion from the N 607.444 billion Exchange Difference revenue.

    “The State Governments received N141.240 billion, and the LGCs received N108.891 billion. The sum of  N78.850 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue,” it said.

    It said that Petroleum Profit Tax (PPT), Import Duty, Excise Duty, VAT and CET levies increased significantly; Oil and Gas Royalties increased marginally, while Company Income Tax (CIT) and EMTL recorded considerable decreases.

    “The balance in the ECA was 473.754 million dollars,” it said.

  • FG, States, FCT share N1.1trn in FAAC allocation in December 2023

    FG, States, FCT share N1.1trn in FAAC allocation in December 2023

    The Federation Account Allocation Committee (FAAC) has shared N1.127 trillion December 2023 federal revenue among the Federal Government, states and Local Government Councils (LGCs).

    This is disclosed in a communique issued by the FAAC at its January meeting, chaired by the Accountant General of the Federation, Dr Oluwatoyin Madein.

    According to the communique, the N1.127 trillion total distributable revenue comprised distributable statutory revenue of N363.188 billion, distributable Value Added Tax (VAT) revenue of N458.622 billion, and Electronic Money Transfer Levy (EMTL) revenue of N17.855 billion.

    It also comprised Exchange Difference revenue of N287.743 billion.

    “Total revenue of N1,674 billion was available in the month of December 2023. Total deduction for cost of collection was N62.254 billion; total transfers, interventions and refunds was N484.568 billion.

    “Gross statutory revenue of N875.382 billion was received. This was lower than the N882.56 billion received in the month of November 2023 by N 7.178 billion.

    “The gross revenue available from VAT was N492.506 billion. This was higher than the N360.455 billion available in the month of November 2023 by N132.051 billion,” it said.

    The communique also said that from the N1.127 trillion total distributable revenue, the federal government received N383.872 billion, the state governments received N396.693 billion and the LGCs received N288.928 billion.

    “A total sum of N57.915 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

    “From the N363.188 billion distributable statutory revenue, the federal government received N173.729 billion, the state governments received N88.118 billion and the LGCs received N67.935 billion.

    “The sum of N33.406 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

    “The federal government received N68.793 billion, the state governments received N229.311 billion and the LGCs received N160.518 billion from the N458.622 billion distributable VAT revenue.

    “From the N17.855 billion EMTL, the federal government received N2.678 billion, the state governments received N8.928 billion and the LGCs received N6.249 billion,” it said.

    It said that in the month of December 2023, Companies Income Tax (CIT), excise duty, Petroleum Profit Tax (PPT), VAT and EMTL increased significantly, while oil and gas royalties decreased substantially.

    “Import duty and CET levies decreased marginally. The balance in the ECA was 473.754 million dollars.

  • Independent revenue has consistently contributed an excess of N1trn to FG annual revenue in recent years – Muruako

    Independent revenue has consistently contributed an excess of N1trn to FG annual revenue in recent years – Muruako

    The Executive Chairman of Fiscal Responsibility Commission, Victor Muruako Esq has disclosed that the Fiscal Responsibility Commission has made significant strides in enhancing the independent revenue of the Federal Government. He added that FG’s Independent Revenue has consistently contributed an excess of N1 trillion to the Federal Government annual revenue in recent years.

    Speaking at a Service Wide Strategic Training on Enhancing Public Revenue and Expenditure Management organised by Fiscal Responsibility Commission and ADSC, the FRC’s boss said:

    “Notably, the Commission has made significant strides in enhancing the Independent Revenue of the Federal Government in recent years.

    ” Through collaborative efforts with the Finance Committees in the two Houses of the National Assembly, we have seen remarkable growth.

    ” In fact, Independent Revenue, which was previously not considered a significant revenue source, has consistently contributed an excess of N1 trillion to the Federal Government annual revenue in recent years.”

    Addressing Senior FG officials at the training, he added, “We achieved this by working with MDAs like yours to improve remittances of Operating Surplus and Internally Generated Revenue, guided by FRC’s Operating Surplus Template and extant regulations.”

    “The people seated here today as participants, he continued, “are the ones that interfaced with our Commission and sister agencies to make this improvement happen. We are grateful.”

    Muruako reminded the participants of their responsibility to ensure that the management of the Federal Government’s finances aligns with the provisions of the Fiscal Responsibility Act and other relevant regulations.

    “Moreover,” he added, “it remains your duty to ensure that the Federal Government budget is planned and executed in a timely, efficient, and effective manner, with a focus on achieving the expected outcomes and impacts. Your continued vigilance and dedication to compliance are therefore essential.”

    The Executive Chairman further presented the Fiscal Responsibility Commission as a statutory body established by the Fiscal Responsibility Act of 2007, with the mandate to promote and enforce the nation’s economic objectives, ensure prudent management of the nation’s resources, and secure greater accountability and transparency in fiscal operations.

    On the roles of the Commission, he said, “The Commission also diligently oversees and enforces regulations, boundaries, and responsibilities placed upon the public sector, particularly those managing the Federal Government’s public finance system. We are committed to fostering a culture of fiscal responsibility and sustainability in the public sector, as well as enhancing the quality and efficiency of public service delivery.

    “In conclusion, I extend my appreciation to the ADSC for their partnership in this training program. I commend the individual trainers and facilitators for their expertise and dedication, and, most importantly, I congratulate the participants for their selection and participation in this program.

    ” I have no doubt that you will find the training useful and relevant. I implore your full participation, active engagement and attention to the details that will be shared during the training.  I also hope that you will share your insights and experiences with your colleagues back in the office.

    Finally, I urge all persons and institutions involved in Nigeria’s public finance management to uphold the highest standards of professionalism, integrity, and accountability, ensuring that your work fully aligns with the provisions of the Fiscal Responsibility Act.

  • Tinubu seeks approval for securitisation of N7.3trn Ways and Means revenue

    Tinubu seeks approval for securitisation of N7.3trn Ways and Means revenue

    President Bola Ahmed Tinubu has sought Senate approval for securitization of the balance of ways and Means revenue in the Consolidated Revenue Fund (CRF) of Nigeria.

    Tinubu said this in a letter addressed to President of the Senate, Godswill Akpabio, and read at plenary on Saturday.

    “I will like to call the attention of senate to the provisions of section 38 of the CBN Act 2007, which stipulates that the apex bank may grant temporary advances to the Federal Government.

    ” In respect of temporary deficiency of budget revenue provided, such overdraft do not surpass five per cent of government revenue from the previous year.

    “The senate is invited to note that from available information by the CBN, the Consolidated Revenue Fund (CRF) account of the Federal Government of Nigeria (FGN) stood at N7.3trillon as at Dec 2023, that is due to domestic debt servicing, principal and interest.

    “While the Federal Government is considering various measures to forestall the use of ways and means advances for domestic debt servicing,” he said.
    Tinubu added: “It has become highly imperative to securitise the outstanding ways and means advance of the Federal Government of Nigeria before end of year.

    “The securitization of the Ways and Means will lead to the realisation of the following benefits among others.

    ” Reduction of debt service costs as interest rate for the securitize ways and means is lowered at nine per cent compared to three per cent previously adopted.

    “The savings arising from the much lower interest rate will help to reduce the deficit in the budget and improvement in debts transparency as securitised ways and means advances are included in the public debts statistics.”

    ”In view of the forgoing the senate is invited to kindly consider and approve the securitisation of the outstanding debit balance of N7.3trillion in the same order as at Dec. 2023”.

  • We’ll account for oil revenue – Finance Minister

    We’ll account for oil revenue – Finance Minister

    The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says the administration of President Bola Tinubu will account for revenue from oil.

    Edun said this when he appeared before the House of Representatives Committee on Appropriation to defend the 2024 appropriation bill.

    He said the issue of accounting for oil revenue is germane, “and clearly whatever we have met as a way of monitoring oil revenue and payment into the federation account will be done.”

    The minister said he was in agreement with many who had pointed out the fact that, the federal government must have a system of paying into government coffers with exchange rates.

    He said that the current administration`s plan was to increase revenue from taxation, adding that there was a need to increase the efficiency of tax administration collection.

    Edun said the government depends on foreign direct investment, including domestic and the private sector to grow the economy.

    He said the government was not spending enough on key infrastructure, adding that there was a need to interrogate why there seemed to be an overestimation of certain expenditures.

    The minister said the plethora of share waste in the number of taxes was being compressed, saying that 90 per cent of tax revenue from the government comes from a particular tax end.

    According to him, all the rest that goes out in the name of taxes and levies do not go into the government coffer.

    Edun said there was a comprehensive revamping of tax administration, which was done through the instrumentality of the tax reform committee.

    This, according to him, has a lot to operate with and will be suggesting ways to go about the tax system.

    Rep. Abubakar Bitchi, the Chairman, Appropriation, said there was a need to look at the 2024 budget proposal in order to support the president’s renewed hope agenda.

    He said money was needed to achieve this through more funding, saying all the revenue-generating agencies were summoned to ensure Nigeria got the money.

    We need to find a way out to achieve the objective of the president’s renewed hope budget. Nigerians are happy that we are reducing borrowing.