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FG Makes N909 Billion From VAT in 2017 – NBS

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VAT

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

MUSIC

Gospel Artiste Olaoba Joins Mercy Chinwo’s Record Label

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Bidemi Olaoba joins Mercy Chinwo's record label | fab.ng

Bidemi Olaoba, a gospel singer who is gaining popularity quickly, has just joined a new record label. The label is called Grace and Truth Nation (GNT) Nation. Pastor Blessed Uzochikwa and his wife, Mercy Chinwo, co-founded the record label. This is exciting news for both the singer and the record label.

Pastor Uzochikwa is the president of GNT Nation.

He released a statement to share his enthusiasm about Bidemi Olaoba joining the label. He said that Olaoba’s arrival is a very important moment for GNT Nation. According to Pastor Uzochikwa, the record label’s mission is to spread the message of Christianity through the power of gospel music. He believes that Olaoba will be a valuable asset in helping them achieve that goal.

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ENTERTAINMENT

Media Personality, Stephanie Coker Opens Up On Her Battle With PCOS

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Stephanie Coker opens up on her battle with PCOS | Fab.ng

Stephanie Coker-Aderinokun, a media personality and actress, bravely discussed her challenges with PCOS and IVF in a recent interview with Chude Jideonwo. She revealed the emotional turmoil she faced after her second IVF attempt failed, confessing that she nearly resorted to taking her own life.

Stephanie disclosed that she invested a significant amount of money, over $40,000. She went as far as travelling to Los Angeles for an IVF procedure, only to have it end unsuccessfully last year.

After an unsuccessful round of IVF, she felt deeply discouraged and confided in a friend. She expressed a strange sense of rejection, feeling like even the baby didn’t want her. This was especially difficult because IVF was her only chance at having a child due to her PCOS.

The PCOS caused such severe bleeding that she was hospitalised, and at her worst point, she was confined to a wheelchair and even had to sleep outside in the garden to cope with the overwhelming internal heat. It had been a very physically and emotionally challenging time.

Furthermore, Stephanie Coker shared how the challenges escalated when her husband faced public scrutiny and lost his election. This intensified the backlash against them, adding another layer of difficulty to their already challenging situation.

Watch the video below:

Check out more updates here.

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ENTERTAINMENT

Nigerian Celebrities Dissatisfied With Reintroduced National Anthem

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Nigerian celebrities dissatisfied with new national anthem | Fab.ng

Nigerians were surprised by a swift government decision to bring back the old national anthem, “Nigeria, We Hail Thee.” This change replaced the current anthem, “Arise, O Compatriots,” which had been in place since 1978.

The switch happened in just a few days: the House of Representatives passed a bill on May 23rd, the Senate followed suit a few days later, and President Tinubu signed it into law on May 29th, 2024.

This move sparked criticism from many Nigerian celebrities on social media. They felt the government’s priorities were misplaced.

Instead of focusing on changing the national anthem, celebrities argued that the government should tackle more pressing issues like insecurity, unemployment, and the struggling economy.

See some of their reactions below:

Adekunle Gold wrote: “No one thought Timi Dakolo’s Great Nation makes a better anthem?”

Kate Henshaw: “In the midst of excoriating hardship & lack of good governance on every level, but not to worry, going back to a colonial anthem will be a soothing balm and inject patriotism back into our veins, a much-needed drug.”

Illbliss wrote: “Of all things to address….. The f***ing National Anthem. At this point, they can change the flag to purple and burgundy, shoot the horses on the coat of arms, and let the dead eagle 🦅take flight.  Really sick of the incompetence.”

Noble Igwe wrote: “Exchange rate is skyrocketing, cost of living is so high, insecurity in many parts of the country but one year in office, however, let’s change the national anthem.

This is so sad and shameful.”

Toolz wrote: “I’m not learning any other national anthem…”

Charly Boy wrote: “Animals in Agbada fit make me start to sing our olden days National Anthem, imposicant. Vagabonds in power wan distract us from hunger, kidnapping, high cost of living by organizing useless priorities for us to follow so we no go dey talk as e dey pain us?

Who no know say APC na monumental failure in the history of politics for Naija. If one-year dey like dis, imagine how many of us go kpai in the nxt 3yrs. Nonsense. Dia fathers.”

Joeboy wrote: “Of all the problems Nigerians have to deal with, changing the national anthem is priority? Okay naw.”

Teni wrote: “Arise o compatriots, I’ll miss you, thank you for so many childhood memories. Till we meet again, love, SM.”

Lastly, Erigga wrote: “Now that we have the old national anthem, can we now have the old price for foodstuff and dollar?”

Get more updates here.

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