Maritime Nigeria

Main Menu

  • Home
  • News
  • Interviews
  • Maritime Info
  • Photo Gallery
  • Fact
  • Profiles

logo

Header Banner

Maritime Nigeria

  • Home
  • News
    • FG Commits To Enhance NSC Regulatory Capacity

      May 28, 2025
      0
    • NPA, Dangote Agree On Port Expansion, Export Promotion

      May 27, 2025
      0
    • "Tinubu Reforms Driving Surge In Customs Revenue"-CGC

      May 25, 2025
      0
    • Sea Port Efficiency: FG To Deepen Lekki Port Channel

      May 25, 2025
      0
    • Maritime Bank Takes Off, Gets President/CEO

      May 23, 2025
      0
    • Customs Intercept N3.2Billion Illicit Drugs, Smuggled Items

      May 22, 2025
      0
    • Oyetola Engage French Ambassador On IMO Seat

      May 22, 2025
      0
    • CGC Revitalizes Seme Command, Regional Trade With SIGMAT

      May 21, 2025
      0
    • Full Implementation Of Marine And Blue Economy Policy On Course

      May 14, 2025
      0
  • Interviews
    • Nigeria Takes Leadership Of MOWCA

      Nov 18, 2021
      0
    • APM Participates in UK Trade Expo

      Oct 31, 2021
      0
    • Reps Seek Admission at MAN

      Dec 7, 2020
      0
    • NIMASA URGE SHIP OWNERS TO RENEW CABOTAGE LICENSES

      Oct 5, 2020
      0
    • FG Sacks Aboloma As NAIC Gets New EDs

      Aug 28, 2020
      0
    • Britain Celebrate Nigerian In Covid Efforts

      Jul 26, 2020
      0
    • Zuckerberg Backs Trump Against Twitter

      May 28, 2020
      0
    • NAFDAC DG Sheds Light On Chloroquine, Herbals, Masks and Covid19

      May 12, 2020
      0
    • Reps Threaten MDAs

      Feb 24, 2020
      0
  • Maritime Info
    • 2023 POP: Minister Task Cadets On Blue Economy

      Dec 15, 2023
      0
    • Rector, Trainees Excited, Laud FG On Modern Academy

      Jan 26, 2023
      0
    • Buhari Redeploys Minister As NPA, NIMASA, MAN, Others Get New Boards

      Apr 7, 2022
      0
    • World Bank Endorse Nigerian Ports, Partners Navy On Capacity Building

      Mar 19, 2022
      0
    • NIMASA Commend Nigerian Navy, Reassures On Floating Dock

      Feb 9, 2022
      0
    • MAN Unveils Lighthouse For Training of Cadets

      Jan 27, 2022
      0
    • shipping

      Singapore Strait Dangerous To Shipping-ReCAAP

      Jan 24, 2022
      0
    • Lekki Deep Sea Port Will Increase Port Efficiency-Amaechi

      Jan 24, 2022
      0
    • Fair Competition: NSC Partners FCCPC For Effectiveness

      Jan 21, 2022
      0
  • Photo Gallery
    • SERAP Calls for Probe of Entire Privatization Processes 1999-2011

      Dec 4, 2017
      0
    • IMO Election: South Africa, Kenya, Liberia, Morroco and Egypt Make Category C

      Dec 2, 2017
      0
    • Maersk Ship on Fire as Coy Launches Six Container Lifting Tech

      Nov 2, 2016
      0
    • Captured Seafarers Languish In Captivity without Ransom

      Nov 1, 2016
      0
    • Niger Delta: Militants Ask FG to Include Former Agitators in Negotiations

      Nov 1, 2016
      0
    • Self-Audit: NIMASA Set to Review 3% Freight Charge

      Nov 1, 2016
      0
    • Recession: Japanese Shipping Companies to Merge

      Oct 31, 2016
      0
    • NSC Partners ICS on Capacity Building

      Oct 31, 2016
      0
    • AGAIN, APAPA CUSTOMS SURPASS MONTHLY TARGET WITH N33B COLLECTION

      Oct 5, 2016
      0
  • Fact
    • Maritime Police Boss Celebrate Workers

      May 1, 2025
      0
    • “VIN Is A Trade Tool, Not Punitive”-Customs

      Mar 2, 2022
      0
    • Blackmailers, False Publishers and Their Agents: Court Clears Rector

      Feb 18, 2022
      0
    • MAN Unveils Lighthouse For Training of Cadets

      Jan 27, 2022
      0
    • "APM Terminals Is Beyond Moving Boxes Around"-Laursen

      Jan 24, 2022
      0
    • MWUN: Welfare, Safety Our Priority-Adeyanju

      Dec 27, 2021
      0
    • Reversing the Trend: Koko Breaks Record at NPA

      Dec 24, 2021
      0
    • Minister Demands More From MAN At Passing Out Parade

      Dec 20, 2021
      0
    • MARITIME NIGERIA TASK NIMASA ON MARITIME DEVELOPMENT

      Dec 15, 2021
      0
  • Profiles
    • CMA CGM Brings AI Onboard

      Jun 5, 2018
      0
    • Customs Notify 577 Officers of Retirement by Eguono Odjegba

      Jan 12, 2018
      0
    • Over 100 Persons Feared Dead in Mediterranean Ship Wreck

      Nov 3, 2016
      0
    • Ballast Water: Panama Signs Up

      Oct 24, 2016
      0
    • Ist Half Report: Customs generate N385.7bn revenue

      Aug 15, 2016
      0
    • Minister/MD Speeches at the Launch of NPA's CCCIS

      Jul 23, 2016
      0
    • Face off Imminent as Dakuku Warn IOCs to Sit Up or Stay ...

      Jul 22, 2016
      0
    • Hadiza, Welcome to NPA

      Jul 16, 2016
      0
    • Habib Abdullahi Sacked Again from NPA

      Jul 12, 2016
      0
  • FG Commits To Enhance NSC Regulatory Capacity

  • NPA, Dangote Agree On Port Expansion, Export Promotion

  • “Tinubu Reforms Driving Surge In Customs Revenue”-CGC

  • Sea Port Efficiency: FG To Deepen Lekki Port Channel

  • Maritime Bank Takes Off, Gets President/CEO

FactFeaturedMaritime InfoNews
Home›Fact›VAT Generates N797.51b in ten months

VAT Generates N797.51b in ten months

By Editor
Oct 31, 2017
1611
0
Share:

Kemi Adeosun, Nigeria’s Finance Minister

 

The Minister of Finance, Mrs. Kemi Adeosun, on Tuesday said about N797.51 billion revenue generated from Value Added Tax (VAT) between January and October was transferred into the Federation Account.

Adeosun released details of the 2017 VAT collection in a statement by her Special Media Adviser, Mr Oluyinka Akintunde in Abuja,

She said that the non-oil revenue represented 46.15 per cent of the 2017 VAT budget of N1.728 trillion.

She said it also showed an increase of 19.78 per cent over the corresponding period in 2016.

She said the highest VAT collection of N86.71 billion was achieved in September 2017, while N84.67 billion and N83.315 billion were recorded in May and October.

The lowest VAT earning of N69.20 billion was in March.

From the collections, Adeosun said that the Federal Government got 15 per cent of the revenue, while the states and local governments received 50 per cent and 35 per cent.

Adeosun reiterated the Federal Government’s commitment to aggressively growing the tax revenue base to drive economic growth.

“Revenue mobilisation is key to national growth and critical to the success of Nigeria’s economic reform agenda.

“We have an unacceptably low level of non-oil revenue and much of that is driven by a failure to collect tax revenues.

“With a tax to Gross Domestic Product ratio of only six per cent, which is one of the lowest levels in the world, we have a lot of work to do if we are going to build a sustainable revenue base that will deliver inclusive growth.

“ Improving VAT and other tax collections is key to Nigeria’s revenue strategy,’’ she said.

Adeosun said that the country’s revenue strategy to improve tax through the Voluntary Assets and Income Declaration Scheme (VAIDS) would lead to a broader tax base and more sustainable revenue for all tiers of government.

“The Nigerian Government is committed to the diversification of the nation’s revenue base. Nigeria’s sole dependence on oil poses enormous challenge on the economy.

“Oil is only 13 per cent of our Gross Domestic Product (GDP) but it represents 70 per cent of government’s revenue, which means if anything happens to oil, it affects everybody.

“The question we need to ask ourselves is: Why is the remaining 87 per cent of GDP contributing so little to government’s revenue?

“If we are able to have those other revenues which are much more stable, predictable and less volatile, then if the oil price goes down, we’ll be able to maintain some level of stability,’’ she said.

Adeosun assured that the Federal Government would continue to collaborate with state governments as part of its determined efforts to grow the non-oil revenue base, including raising the VAT collection to N100 billion monthly.

The government, she added, would also extend its tax compliance to the private sector as well as intensify efforts in ensuring that the Ministries, Departments and Agencies (MDAs) were tax complaint.

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • More
  • Click to share on WhatsApp (Opens in new window)
  • Click to share on Telegram (Opens in new window)

Related

Previous Article

Joshua knocks Takam

Next Article

blow the whistle’ Nigerian urge Maina

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

Related articles More from author

  • FeaturedMaritime InfoNews

    Maritime Security Requires Joint Effort-Jamoh

    Sep 6, 2021
    By Editor
  • FeaturedNews

    Nigerian Prof Finds Cure for Covid19

    Apr 3, 2020
    By Editor
  • FeaturedNews

    NNPC DEPLOY COVID APP

    Jun 4, 2020
    By Editor
  • FeaturedNews

    Saraki Indict Anti-Graft Agencies of Complicity in Anti-Corruption War

    Nov 28, 2017
    By Editor
  • Customs OperationsNews

    Customs: Apapa Hits The Trillion Milestone

    May 12, 2025
    By Editor
  • News

    Loneliness at Sea and Impact on Shipping

    Oct 25, 2018
    By Editor

Leave a Reply Cancel reply

  • FeaturedNews

    US to Auction North Korean Ship

  • FeaturedMaritime InfoNews

    Covid19 Reported Offshore Ghana

  • Customs OperationsNews

    Ag CGC: Administratively Very Competent and Efficient Officer-Shittu,

Looking For Something?

Read From

  • Agriculture
  • Customs Operations
  • Fact
  • Featured
  • Interviews
  • Maritime Info
  • News
  • One Question
  • Photo Gallery
  • Profiles
  • sports

Just In

News

FG Commits To Enhance NSC Regulatory Capacity

Secretary to the Government of the Federation (SGF), Senator George Akume, has pledged the support of the Federal government to address and ensure that modern, the Nigerian Shippers’ Council, NSC, ...
  • NPA, Dangote Agree On Port Expansion, Export Promotion

    By Editor
    May 27, 2025
  • AfCFTA: Nigeria Launches Air Cargo Route To Boost Exports

    By Editor
    May 26, 2025
  • Canada Commends Nigeria On Anti Smuggling Efforts

    By Editor
    May 25, 2025
  • “Tinubu Reforms Driving Surge In Customs Revenue”-CGC

    By Editor
    May 25, 2025
  • Home
  • About Us
  • Contact Us
© 2013 Maritime Nigeria | All Rights Reserved