Connect with us
X
Categories:

News

FG May Increase VAT Rate By 2.5% In 2021

The Terrorist!

Published

on

Federal Government disclosed that it has spent N7.09 trillion as at the end of the third quarter of 2020 fiscal year, just as it unveiled plans to introduce additional 2.5% Value Added Tax (VAT) rate in 2021 fiscal year as part of efforts aimed at increasing revenue generation.

Download & Install The New ANE Android App To Your Device
Hello!! Have you heard about the deadly virus called Coronavirus? No? See What It Is & How To Prevent It Here. Also Stay Connected & Get Latest Updates On Coronavirus Here. Please be safe! We LOVE You.


Minister of Finance, Budget and National Planning, Dr Zainab Ahmed disclosed this while presenting the overview of the 2020 fiscal outcomes and budget implementation/2021 budget defence to the House Committee on Finance, chaired by Hon. James Faleke.

According to documents presented to the Committee, as at the end of Q3 2020, Federal Government’s revenue available for budget funding (excluding GOEs) was N2.83 trillion, 70% of target. Federal Government share of oil revenues was N1.203 trillion (representing 158% performance, over and above the prorated sum in the revised 2020 budget) while non-oil tax revenues totalled N927.47 billion (76% of revised target).

Companies Income Tax (CIT) and Value Added Tax (VAT) collections were N486.68 billion and N137.03 billion, representing 79% and 64% respectively of the prorate revised targets for the period. Customs collections were N303.76 billion (78% of revised target). Other revenues amounted to N697.75 billion, of which independent revenues was N390.50 billion.

On the expenditure side, N9.97 trillion was appropriated (excluding GOEs and project tied loans), while N7.09 trillion (representing 94.7% of the prorate N7.48 trillion) was spent. Of the expenditure, N2.54 trillion was for debt service and N2.43 trillion for personnel cost, including pensions. As at end of September 2020, N873.9 billion had been released for capital expenditure.

While responding to various questions raised by the lawmakers, Dr Ahmed explained that: “Release on Service Wide Votes for two items, the first one is pension fund the second one is a support fund for universities – we have been disbursements to. On pension, we have a provision in the 2021 budget of N150 billion but will still sit down with PENCOM on how to disburse.

“Mr. President has approved that the Oronsoye report be implemented and has directed the SGF and Head of Service to carry out that process. Many agencies have come on stream and the size of government expenses has increased. The essence is to cut down expenses by fusing some Agencies and reducing the number of agencies we have.

“The 2021 budget of the Ministry of Finance is about automation to enhance the efficiency of revenue collection in the agencies. Very soon we will be. Currently, we have an automation process that enables us to capture the revenue. We have monthly reconciliation exercise in all the major agencies to confirm that the revenue as reported are complete. We set up the National Social Investment Programme, N279.10 billion has so far been released,” the Minister noted.


Get More Stories Like This On: Facebook: @AllNaijaEntertainment, Twitter: @AllNaijaEntertainment
Reach us on WhatsApp via: +2348104471989

Don’t Miss!

Join "ANE sabi" clique

Don't miss a thing, get ogbonge ANE latest updates to fuel your conversation daily.




Latest Exchange Rate

Donate To ANE!


Mind buying a coffee to support us here at All Naija Entertainment?. Yes?

Donate Now
BITCOiN
Technology3 days ago

Best Time to Sell Your Bitcoin [EASY GUIDE]

BITCOiN
Technology3 days ago

Bitcoin Crashes, Loses $10,000 In Value

News3 days ago

30 Million Nigerians Will Be On Drugs By 2050 – NDLEA

Cristiano Ronaldo
Sports3 days ago

Serie A: Ronaldo’s Brace Set Juventus Free From Crotone

News3 days ago

Fulani Herdsmen Deserve Better Treatment From Nigerians – Bauchi Former Gov

Justin Trudeau
News3 days ago

Insecurity: Canada Issue Warning to Citizens Against Traveling to Nigeria

NCDC Chairman Chikwe Ihekweazu
News3 days ago

Nigeria Govt Confirms Discovery Of New Covid-19 Variant, 15 Others

Akwa Ibom Best Hotels ANE Travels
Lifestyle3 days ago

How To Detect Hidden Camera in a Hotel Room!!

WhatsApp
Technology3 days ago

WhatsApp To Deactivate Messages For Users Who Reject New Terms!!

Nissi
Entertainment4 days ago

Afro-Jazz/funk Singer, Nissi’s ‘Move X 2’ Is A Rare Delightful Visual

Kim Kardashian
Entertainment4 days ago

Kim Kardashian Officially Files For Divorce From Kanye West!!

Kanye West
Entertainment4 days ago

Kanye West Thinks Kim Kardashian Is Divorcing Him Because Of Presidential Run

Banky W and Adesua Pregnant
Entertainment4 days ago

Banky W, Adesua Etomi Welcome Baby Boy!!

JImoh Ibrahim
News4 days ago

Jimoh Ibrahim: Court Vacates Order Against Assets Over Alleged N69.4bn Debt

Business4 days ago

Nigeria To Supply Electricity To Togo From Calabar Power Plant

Victor Osimhen
Sports4 days ago

Napoli Confirm Victor Osimhen Head Injury, Say No ‘conclusive Result’ After Tests

The headies Awards
Entertainment4 days ago

The Headies Awards 2021 Winners Full List

HER JOURNEY Story
Stories5 days ago

[STORY] HER JOURNEY (Final Episode 10)

HER JOURNEY Story
Stories5 days ago

[STORY] HER JOURNEY (Episode 09)

HER JOURNEY Story
Stories5 days ago

[STORY] HER JOURNEY (Episodes 08)

MORENIKEJI
Stories1 week ago

[STORY] MORENIKEJI (Final Episode 28)

Femi Falana
News5 days ago

Bauchi Governor Defends Open Grazing But Punished Abuja Residents For Trespassing – Falana

Entertainment1 week ago

TIME Magazine lists Nigerian singer, Davido among 100 most influential people

FAAN
Business1 week ago

FAAN reopens Lagos airport runway after aircraft incident

Tonto Dikeh
Entertainment1 week ago

Tonto Dikeh Break Silence As Ex-husband’s Marries PA, Rosy Meurer

The headies Awards
Entertainment4 days ago

The Headies Awards 2021 Winners Full List

Hope Uzodinma
News6 days ago

I Invited Soldiers To Orlu To Avoid More Bloodshed By IPOB — Uzodinma

HER JOURNEY Story
Stories5 days ago

[STORY] HER JOURNEY (Complete Episodes)

Kanye West
Entertainment4 days ago

Kanye West Thinks Kim Kardashian Is Divorcing Him Because Of Presidential Run

Buhari
News1 week ago

APC: Buhari in control of security in Nigeria

Banky W and Adesua Pregnant
Entertainment4 days ago

Banky W, Adesua Etomi Welcome Baby Boy!!

HER JOURNEY Story
Stories5 days ago

[STORY] HER JOURNEY (Episode 01)

Rotimi Akeredolu
News6 days ago

Akeredolu Sends Warning To Bauchi Gov Over Defence Of Herdsmen

Kim Kardashian
Entertainment4 days ago

Kim Kardashian Officially Files For Divorce From Kanye West!!

JImoh Ibrahim
News4 days ago

Jimoh Ibrahim: Court Vacates Order Against Assets Over Alleged N69.4bn Debt

BITCOiN
Business1 week ago

Bitcoin Breaks Glass Ceiling, Crosses $51,000 Mark!!

Goodluck Jonathan
News1 week ago

PDP reconciliation committee meets Goodluck Jonathan in Abuja

Justin Trudeau
News3 days ago

Insecurity: Canada Issue Warning to Citizens Against Traveling to Nigeria

Buhari
News1 week ago

Buhari Pledges Massive Investments In Lagos To Ensure Megacity Status

IGP-Mohammed-Adamu
News1 week ago

IGP Deploys 150 Police Operatives In FCT To Tackle Kidnappers, Others

ANE Billboard Hots!



Join "ANE sabi" clique

Don't miss a thing, get ogbonge ANE latest updates to fuel your conversation daily.





Copyright © All Naija Entertainment.

css.php