VAT In Nigeria: See What Lagos, Kano, Other States Collected From FAAC

source: newsrand
22

Value Added Tax (VAT) in Nigeria has made news headlines in the last few days, as Governor Nyesom Wike of Rivers State dragged the federal government to court over the allocation of revenue generated from the tax type. Having dragged the President Muhammadu Buhari-led government to court, Wike eventually triumphed over the matter, as Justice Stephem Pam of a Federal High Court sitting in Port Harcourt, ruled that Rivers State government had the powers to collect VAT within its territory. Wike’s court victory over the matter generated mixed reactions among economic experts, public officials, and members of the public, with many of them expressing their views on the matter. While some expressed opinions that VAT revenue sharing among states by the federal government is unjust, others thought otherwise. However, while the matter is still in the public domain, Newsrand cited Federation Accounts Allocation Committee (FAAC) allocation data from the National Bureau of Statistics (NBS). The data revealed how much was paid to each of the states in Nigeria for the months of January 2020 through to February 2021. As seen in the data, the 36 states of the federation and the Federal Government shared N1.09 trillion as VAT revenue from FAAC in the period under preview. While Lagos got the highest share of the revenue, Nassarawa secured the least of the allocation.

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