Value Added Tax (Vat)

Value Added Tax (Vat)

Buhari-led Administration Made VAT Attractive, Says PGF DG

Buhari-led Administration Made VAT Attractive, Says PGF DG

9/18/2021 12:12:00 PM

Buhari-led Administration Made VAT Attractive, Says PGF DG

Funds accrued to the nation through Value Added Tax (VAT) has increased under the President Muhammadu Buhari-led administration, a chieftain of the ruling

 According to Lukman that Nigerians are debating whether it is states or federal government that should collect VAT signify some progress, which has to do with the fact that there is an increase in what is being generated from VAT. “For instance, in 2015, the total amount collected was N759.43 billion. Between 2016 to 2020, there was consistently increase in the amount collected respectively to N777.51 billion, N972.35 billion, N1.11 trillion, N1.17 trillion and N1.531 trillion. Everything considered, under the APC led federal government of President Muhammadu Buhari, VAT collection increased from N759.43 billion in 2015 to N1.531 trillion in 2020, an increase of more than hundred percent.

Carabao Cup: Chelsea survive Southampton shootout, advance to quarter-finals - Punch Newspapers Jailbreak: Police detonate bomb found at Oyo prison South-East turns battlefield for separatists, security agents, 255 killed in nine months - Punch Newspapers

 “Nigerians can conveniently dismiss the role of APC led federal government in making it possible for the remarkable improvement in VAT collection in the country such that today, it has become an attractive variable in the struggle for resource control by state governments. The reality however is that credit must go to the APC led federal government of President Buhari.

“Whether it would have been possible if PDP is still in control of the federal government can only be wishful thoughts. If that were to be the case, why wasn’t it the case at any point between 1999 and 2015? No matter what anyone want to say, the reality is that the significant increase in VAT in the country between 2015 and 2020 confirmed improved efficiency and reduced corruption in the process of collection and management of Nigeria’s public finances.

Interestingly, in terms of the politics of the debate, improved efficiency and management of Nigeria’s public finances are not the focus of the debate. In some ways, even those who are supposed to recognise this fact and promote the achievements of the APC and its federal government, instead have become so defensive, may be because the public noise in the country is all about demonstrating how the APC led federal government of President Buhari is the driver of inequality, injustice and unfair practices against state governments.

“Governor Wike can audaciously and shamelessly talk about VAT today because, its value has significantly increased which made it attractive for a rich state like Rivers to be interested in controlling it. If Governor Wike has any morality, he should look back and acknowledge how small Rivers must have received as its VAT share before 2015.

“Being a leading member of PDP, what was responsible for the low VAT records in the country between 1999 and 2015? And since, according to him and almost every leader of PDP, Nigerians are looking up to the PDP to rescue the nation from ‘bad governance’ in the hands of APC, does PDP’s brand of good governance come with low capacity to manage the nation’s public finances?”

Lukman said it is not by accident that VAT collection in the country significantly increased under APC led federal government.“This is because one of the specific commitment of APC since 2015 as outlined in the section of the party’s manifesto Funding a New Nigeria was that ‘APC government will set about the urgent task of getting Nigeria’s public finances in order, by tackling the massive waste, duplication and corruption in the system, diversifying the economy and expanding our tax base to increase non-oil revenues, and reprioritising public spending away from bureaucracy towards investment in infrastructure and improved frontline services.’

BREAKING: South-West govs meet in Lagos over insecurity, others - Punch Newspapers Anambra: 81,778 newly printed PVCs available for collection – INEC Engage in politics beyond singing, dancing at events, Akeredolu charges women

“Both in terms of ‘getting Nigeria’s public finances in order’ and ‘investment in infrastructure’, APC led Federal Government is implementing provisions of the APC manifesto to the letter. Nigerian’s especially PDP leaders can conveniently dismiss all the work being done to develop Nigeria’s dilapidated and abandoned infrastructure, but the question of ‘expanding our tax base to increase non-oil revenue’ cannot be disputed.

“One strong evidence of that is the debate about states collecting VAT. It is very easy to play very cheap politics with these issues, partially because also, as a party, APC is not taking ownership of its achievements. Instead, its achievements are now being interpreted to justify some rebellious politics against the APC led federal government.”

The PGF boss called on the party leaders to take advantage of the current VAT debate to take ownership of its achievements, which the fact of improved VAT collections in the country represent.“In doing, APC leaders must go beyond the narrow debate about access to what is currently available. If at all APC leaders and members are to make any claim to progressive political credentials, generating large scale financial resources at both federal and state levels, which should be deployed to expand the productive base of the nation’s economy, should be the aspiration.

“There is no reason why any state in the country, including Zamfara, Yobe, Osun, Ekiti, Abia, Ebonye, should not aspire to generate at least N10 – 15 billion monthly as Internally Generated Revenue. To be caught in the backward debate about whether they should have the little they currently receive from the federation account is retrogressive. As a nation, our politics and democracy must be refocused towards nurturing the productive potentials of every state.”

Read more: LEADERSHIP Newspaper »

How I Survived Horrors Of Stage Four Breast Cancer --Ethel Ada Olomu

Breast cancer survivor, Ethel Ada Olomu has shared with us her battle with the life-threatening disease and how she miraculously survived.--SUBSCRIBE to our ...

VAT: Wike, FG and authority stealing, By Azu IshiekweneThe unilateral decision of the FG to appropriate VAT beyond its residual administrative fees for the past 27 years must be condemned by all. This one enter 💯 stealing from the Southern Nigeria protectorate on behalf of Northern Muslims is normal sacrosanct.

Ogun VAT bill: Abiodun asked to give larger share to local govtsGovernor Dapo Abiodun has been told to give a larger percentage of the Value Added Tax (VAT) to local governments in Ogun State after passing the bill

Southern governors insist states must collect VATNigerian governors from the Southern region on Thursday insisted that their states have the right to collect Value Added Tax (VAT). Good move One voice... It's going to be rough for the next president. Interesting trends and times! firsNigeria how market?

Court refuses to grant Rivers, Lagos' request to stop FIRS from collecting VATThe Court of Appeal in Abuja had on 10 September ordered parties to the VAT collection case to maintain status quo.............. An Almajiri must be the Judge Who cares what an aboki court says

Southern governors back VAT collection by statesSixteen governors and deputies met in Enugu on Thursday.

Southern Govs Back VAT Collection by States*Insist president must come from South in 2023 Governors from the south of Nigeria have expressed their support for the collection of Value Added Tax (VAT) by state governments. Gov. Rotimi Akeredo…