Business FG Releases Breakdown of 2017 VAT Revenue For 10months

Revenue from Value Added Tax (VAT) grossed N797.51 billion into the Federation Account between January and October 2017, the Honourable Minister of Finance, Mrs. Kemi Adeosun, revealed on Tuesday.

The non-oil revenue represents 46.15 per cent of the 2017 VAT budget of N1.728 trillion.

It is however an increase of 19.78 per cent over the corresponding period in 2016.

In a statement released by Oluyinka Akintunde, Special Adviser, Media & Communications to the Hon. Minister of Finance, quoted the Minister as saying the details of the 2017 VAT collection on Tuesday in Abuja, with the highest VAT collection of N86.71 billion was achieved in September 2017, while N84.67 billion and N83.315 billion were recorded in May and October, respectively.

The lowest VAT earning of N69.20 billion was in March 2017.

The Federal Government gets 15 per cent of VAT revenue, while the States and Local Governments receive 50 per cent and 35 per cent, respectively.

Adeosun reiterated the Federal Government’s commitment to aggressively growing the tax revenue base in order drive economic growth.

See photos of breakdown:

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Last edited: Today at 2:43 PM

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