NEWS

FG Makes N909 Billion From VAT in 2017 – NBS

Published

7 years ago

January 12, 2018

Between October 2016 and September 2017, the federation account received a total inflow of N908.9bn in Value Added Tax receipts from the Federal Inland Revenue Service, figures obtained from the National Bureau of Statistics have revealed.

An analysis of the VAT report obtained from the NBS showed that the amount was collected from 28 sectoral activities during the period under review.

A breakdown of the amount showed that the sum of N207.35bn was generated in the fourth quarter of 2016, while the first, second and third quarters of 2017 had N204.77bn, N246.3bn and N250.56bn, respectively.

In the report signed by the Statistician General of the Federation and Chief Executive, NBS, Dr. Yemi Kale, the bureau said the manufacturing sector with N115.76bn generated the highest amount of VAT revenue.

The NBS report said the manufacturing sector is closely followed by professional services and oil producing sectors with both generating N83.76bn and N47.6bn respectively.

On the other hand, the report said the mining sector generated the least VAT of N136.38m in the one year period.

Other sectors that generated the lowest VAT revenue are the local governments with N798.08m and pharmaceutical, soaps and toiletries with N1.55bn.

The report read in part, “Sectoral distribution of VAT data for Q3 2017 reflected that the sum of N250.56bn was generated as VAT in Q3 2017 as against N246.30bn generated in Q2 2017 and N196.70bn in Q3 2016.”

The framework under which VAT is administered allows the Federal Government to get 15 per cent of VAT revenue, while the states and local governments receive 50 per cent and 35 per cent, respectively.

The Minister of Finance,Mrs. Kemi Adeosun, had said that 55 per cent of the revenue generated by the Federal Government from VAT receipts was collected from Lagos State.

Adeosun, had during a meeting with progressive governors forum explained that the balance of 45 per cent are generated from the remaining 35 states of the Federation and the Federal Capital Territory.

Giving a breakdown of the receipts from VAT, she said while Lagos accountedfor 55 per cent of VAT revenue, 20 per cent came from the FCT.

-punchng

Related Topics:#TheVoiceNigeria Business Innovation and Growth (BIG)Nigeria VAT

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EVENTS

Nigeria Selects “Mai Martaba” As International Feature Film (IFF) Contender For 2025 Oscars

Published

3 days ago

October 30, 2024

Reporter

Mai Martaba as international feature film contender | fab.ng

The Nigerian Official Selection Committee has selected the epic Hausa film, Mai Martaba as its contender for the International Feature Film (IFF) category at the 97th Academy Awards. The Committee announced in an official statement that they selected the film to contend for the Oscars because of its theme and visual appeal.

“The Nigerian Official Section Committee (NOSC) selected the film for its relevant theme of diverse voices in decision-making and inclusive leadership and its visual and technical appeal,” the post said.

Acclaimed director Prince Daniel produced and directed the epic Hausa film “Mai Martaba.”

The Nigerian Official Selection Committee (NOSC) has selected as its contender for the International Feature Film (IFF) category at the 97th Academy Awards. The NOSC announced this decision in an official statement, praising the film’s powerful themes and visually captivating qualities.

“Mai Martaba” explores the complexities of power, love, greed, and betrayal within the context of an ancient African kingdom. The film presents a transformative tale that challenges conventions and celebrates female leadership. Notably, it offers a fresh perspective on the region’s rich cultural heritage.

The NOSC’s voting members are an impressive roster of industry luminaries. They include award-winning filmmaker and NOSC Chairperson Stephanie Linus. Victor Okhai, the President of the Directors’ Guild of Nigeria (DGN), is also a member. Veteran actress Omotola Jalade-Ekeinde is on the committee. Former DGN President Andy Amenechi is a member. Yibo Koko, a theatre practitioner, is on the committee. Writer/director Izu Ojukwu and prolific film producer Emem Isong are also members.

Additional members include Ali Nuhu, the Managing Director of the Nigerian Film Corporation (NFC). Kene Okwuosa, the Co-Founder and Group CEO of Filmhouse Cinemas, is a member. Director Dimeji Ajibola is on the committee. Writer/director Jude Idada is a member. Director John Njamah is on the committee. Actress/polyglot Meg Otanwa is a member. Producer/director Blessing Effiom Egbe is on the committee. Actress Ijeoma Grace Agu is a member. Journalist/film critic Victor Akande is on the committee.

“Mai Martaba” was filmed in Daura, Katsina State, Nigeria.

The film tells the story of an ancient kingdom that experienced a trade boom through the Trans-Saharan trade exchange, but then faced a fierce internal power struggle among the powerful Agadashawa ruling clan, leading to its downfall.

The film was released theatrically in Nigeria and also selected for the prestigious Septimius Awards in Amsterdam, the Netherlands.

The NOSC’s 15-member committee unanimously voted “Mai Martaba” as their top choice to represent Nigeria in the IFF category at the 97th Oscars.

The IFF Executive Committee will now determine the next stage for the film’s journey to the prestigious awards ceremony, which will be held on March 2, 2025, at the Dolby Theatre in Ovation Hollywood, Los Angeles, and broadcast live to over 200 territories worldwide.

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Get more updates here.

MUSIC

Don Jazzy Announces Tega Oghenejobo As The New President Of Mavin Records

Published

3 days ago

October 30, 2024

Reporter

Tega Oghenejobo As The New President Of Mavin Records | fab.ng

On Tuesday, October 29, 2024, Michael Collins Ajereh, the visionary founder of Mavin (Records) Global, better known by his stage name Don Jazzy, announced a significant expansion within the company. He announced Tega Oghenejobo as the new president of Mavin Records.

Tega has been an integral part of Mavin’s journey. Now, his position as President has elevated his status in the company. In addition, he has been in the existing role of Chief Operating Officer (COO).

Don Jazzy expressed his admiration for Tega’s passion and resilience. He acknowledged his ability to spot these qualities in Tega from the early stages of their professional relationship.

He said,

“I’m proud to announce @TEGAMAVIN expanded role as President and COO of Mavin. I am often praised for being able to spot and raise superstars, but I can proudly say the most genius thing I have done in my life was being able to spot the passion and resilience in Tega.”

I’m proud to announce @TEGAMAVIN expanded role as President and COO of Mavin. I am often praised for being able to spot and raise superstars, but I can proudly say the most genius thing I have done in my life was being able to spot the passion and resilience in Tega. From the… pic.twitter.com/q55TSODQMP

— SUPREMOS 🤍🐘 (@DONJAZZY) October 29, 2024

“From the early days, I’ve watched him be curious about the business, build teams, develop executives, and ensure our talents have sustainable careers from the start. His commitment to growing Mavin and shaping the future of African music has been relentless, and I’m confident that with him in this role, we’ll continue to break new ground and achieve even bigger milestones for our artists and company,” he added.

Accepting the appointment gracefully, Tega Oghenejobo said,

“I’m honored to step into this new role as President & COO of Mavin Records. It means embracing new challenges, setting new goals, and reaching new heights. Thank you, Supreme Leader @donjazzy, for your unwavering belief and trust in me to lead the Mavin team.”

Check here for more updates.

BUSINESS

Moniepoint Reaches African Unicorn Status With $110 Million Funding Boost

Published

4 days ago

October 29, 2024

Reporter

Moniepoint reaches African unicorn status | fab.ng

Moniepoint Inc., a leading fintech company in Africa, has successfully raised $110 million in equity financing. This is to power the dreams of millions of businesses and their customers across the continent and the diaspora.

The Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund. It is a premier fund focused on Africa.

Additionally, new investors joined the funding round. This includes a leading African private equity firm, Google’s Africa Investment Fund and Verod Capital. Existing investor, Lightrock, a global impact firm, also participated.

Tosin Eniolorunda and Felix Ike founded Moniepoint (formerly known as TeamApt) in 2015. Initially, it focused on providing infrastructure and payment solutions for banks and financial institutions. It has since grown into Nigeria’s leading business banking provider, trusted by millions of businesses.

The capital raised will be used to accelerate growth for Moniepoint across Africa.

Further, that entails building an all-in-one, seamlessly integrated platform for African businesses of all sizes. This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions.

Moniepoint’s exceptional contributions to Nigeria’s financial services sector have been widely acknowledged, along with its enviable track record of serving customers across Africa.

Each month, Moniepoint processes over 800 million transactions, with a monthly total value exceeding $17 billion, all while operating profitably.

Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., expressed his excitement about the successful funding round and the company’s plans to expand its offerings and reach across the African continent.

“Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure. The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. I want to sincerely thank the entire Moniepoint team for making this achievement possible. We’ve been encouraged by the diversity and huge swathe of those who have found value in our platform and the services we provide in helping to create financial happiness. But, we’re just getting started, as it is just day one from here.”

DPI, Google’s Africa Investment Fund, and Verod have participated in Moniepoint’s latest fundraising round, joining the ranks of established investors such as QED Investors, Novastar Ventures, Lightrock, British International Investment, Global Ventures, Endeavour Catalyst, and New Voices Fund.

Get more business updates here.