NEWS

FG Makes N909 Billion From VAT in 2017 – NBS

Published

6 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

Up Next

Merkel moves a step closer to new Germany coalition government

Don't Miss

Ethiopia Bans Adoption Of Kids By Foreigners After US Couple Starve Girl To Death

MUSIC

Kendrick Lamar’s “Not Like Us” Beats Drake’s “Family Matters” To Billboard #1 Spot

Published

16 hours ago

May 14, 2024

Reporter

"Not Like Us" beats "Family Matters" To Billboard #1 Spot | fab.ng

Kendrick Lamar‘s latest diss track, “Not Like Us,” has landed the coveted number-one spot on the Billboard Hot 100 chart. This marks Kendrick’s second chart-topping single in 2024, following the success of “Like That” by Metro Booming & Future.

“Not Like Us” is the final chapter in Kendrick’s rap battle with Drake, and many fans believe it solidified his victory. This track, which Mustard produced, completely outshines Drake’s response song, “Family Matters.” “Family Matters” debuted at a much lower number 7 on the Billboard Hot 100.

Billboard Hot 100: #1(new) Not Like Us, @kendricklamar.

— chart data (@chartdata) May 13, 2024

Here’s where things get interesting:

Kendrick’s entire diss track trilogy dominated the top 10. “Euphoria” climbed eight spots to number 3, and “Like That” (by Metro Booming & Future) rose two places to number 2.

“Not Like Us” also shattered records on its path to the top. It became the most-streamed rap song on Spotify in the US in a single day, and it nearly broke Drake’s global single-day record for a rap song on Spotify (held by “Girls Want Girls” featuring Lil Baby).

Sales-wise, “Not Like Us” boasted the biggest debut week for any song in 2024, with 510,000 units sold. It fell short only to Taylor Swift’s “Fortnight,” which debuted with 560,000 units.

Biggest song debut sales weeks of 2024 so far (US units):

#1 Fortnight 560K
#2 Not Like Us 510K
#3 Like That 455K
#4 Down Bad 385K
#5 I Can Do It With A Broken Heart 340K
#6 The Tortured Poets Department 340K
#7 So Long, London 335K
#8 My Boy Only Breaks His Favorite Toys 325K…

— chart data (@chartdata) May 13, 2024

This chart dominance by Kendrick Lamar’s diss tracks proves that the music, not just the feud, resonated with listeners. “Not Like Us” not only secured the number one spot but also propelled his other diss tracks up the Billboard Hot 100, solidifying his success in this musical battle.

MUSIC

BNXN Bags His First RIAA Certification With “Mood”

Published

1 day ago

May 13, 2024

Reporter

BNXN Bags His First RIAA Certification With "Mood" | Fab.ng

Nigerian music star BNXN (formerly Buju) is on a roll with the hit song “Mood.” It just hit a major milestone in the US music industry.

Remember “Mood”? “Mood” the catchy track BNXN collaborated on with Wizkid for his critically acclaimed album “Made In Lagos (Deluxe Edition).” Well, “Mood” has just been certified gold by the RIAA!

This might sound complex, but here’s the scoop:

The Gold Standard

The RIAA, or Recording Industry Association of America, is a big deal in the US music world. When a song or album earns a Gold or Platinum record from the RIAA, it means it’s achieved super impressive sales or streams. Basically, “Mood” is a bona fide hit in the US!

Reaching Gold Status

So how does a song reach Gold status? The RIAA counts one “unit sale” as a physical album purchase, a download of the song itself (although 10 downloads equal one unit sale), or 1,500 streams on platforms like Spotify or Apple Music. According to the RIAA, “Mood” has officially surpassed 500,000 unit sales, making it Gold certified!

🚨Wizkid’s “Mood” featuring Bnxn is now RIAA certified gold 🌟 📀 pic.twitter.com/FSYg7dPo68

— 𝗔𝗟𝗕𝗨𝗠 𝗧𝗔𝗟𝗞𝗦 📀 (@AlbumTalksHQ) May 9, 2024

Benefits of Certification

Earning RIAA certification is a huge accomplishment for musicians. It can open doors to exciting opportunities, like:

- Live Shows: More performance opportunities in the US, like invitations to festivals, tours, or even headlining shows.
- Record Deals: Record labels love RIAA certifications, and this could lead to lucrative deals that provide BNXN with resources and support to further his career.
- Endorsements: Increased popularity can attract brand endorsements, generating additional income and expanding BNXN’s reach.
- Greater Recognition: The RIAA certification basically says American audiences love BNXN’s music! This can significantly boost his overall popularity and career trajectory in the US.

This gold certification is a win for both BNXN and Wizkid. It shows their music resonates with listeners worldwide. This milestone is a stepping stone for BNXN’s continued success in the US, and fans can definitely expect more fantastic music from him in the future.

For more music updates, check here.

ENTERTAINMENT

Brymo Reacts To Reports He Asked Simi For Sex

Published

2 days ago

May 13, 2024

Reporter

Brymo Reacts To Reports He Asked Simi For Sex | Fab.ng

Nigerian singer Brymo is setting the record straight based on recent rumours about him and Simi. During an interview with media personality Chude Jideonwo on the latest episode of “With Chude,” Brymo addressed the controversy surrounding claims that he propositioned singer Simi for sex in exchange for working on a song together.

Chude asked,

“You came out on Twitter and on TV to say that you wanted to create art with Simi, and you asked to sleep with her first.”

“…I didn’t want to create art with her,” Brymo interjected.

Brymo clarified the situation, explaining that things went differently than what was reported. According to him, Adekunle Gold initially approached him about collaborating on a song. However, Brymo declined. He then added that Simi also asked him to collaborate, but after he said no, she went on to create a successful album with rapper Falz.

View this post on Instagram

A post shared by Chude Jideonwo (@chudeity)

“Adekunle Gold came to me. Those two wanted to get married and then they took a break to hustle separately and then Adekunle Gold came to me and said that we should create an album together and I said no. Simi also came to me and I said no, then suddenly she did an album with Falz,” he said.

Brymo directly addressed the accusation, denying that he ever asked for intimacy. He expressed his frustration with the situation, calling Nigerians “sick people.”

He said,

“The reports then came in that Simi and Falz were dating. Simi and Falz? Nobody even knew that Simi and Adekunle Gold had stuff going on during that period. So I came back to gist everyone about what happened then and then they started accusing me of asking Simi for sex in exchange for a collab. Nigerians are sick people! That’s dark.”

“They came to me first of all; it didn’t happen second of all; then I came to tell everyone what happened later. That’s it,” Brymo emphasised.

Brymo’s denial adds a new layer to the story. Last year, he admitted to sometimes offering intimacy to female musicians he collaborated with, including Simi. However, his current explanation contradicts that earlier statement.

His tweet read,

“Though AG reached out later, I like to think that he didn’t check in again, by will or fate, because I turned down the same request many years before. I also did the same with Simi, saying I wanted to get intimate to create intensity. I didn’t know they were together, of course.”

Brymo Reacts To Reports He Asked Simi For Sex | Fab.ng