Nigeria Plans To Rake in N2.26 Trillion on VAT Despite Agitation
Nigeria is ahead planning that it would rake in N2.26 trillion from VAT despite the agitation of some states like Rivers and Lagos states. Yet, the key data there is that Nigeria will be spending about 13 trillion in the plan: "Based on the key parameters driving the fiscal framework, the net amounts accruable to the Main Pool and VAT Pool Federation Account are projected at N10.52 trillion and N2.26 trillion respectively in 2022. The share of oil revenue is about 51.1% of total Federation Account receipts."
“Other components of the Federation Account revenues include revenues from Corporate Tax N1.87 trillion, Customs Revenue N1.72 trillion, Special Levies N148.40 billion, Solid Minerals N6.01 billion and Electronic Money Transfer Levy of N209.77 billion. The share of the Federal Government from the Main Federation Account Pool is N5.51 trillion while the States and Local governments are projected to get N2.80 trillion and N2.16 billion, respectively in 2022. From the VAT Pool, the Federal Government is projected to receive N339.31 billion, the States N1.13 trillion, and the local governments N791.73 billion,” chairman Senate Joint Committee on Finance, Adeola Olamilekan, said in his presentation.