News Fed Govt got N2.94tr non-oil income in 2020

Fed Govt got N2.94tr non-oil income in 2020


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Fed Govt got N2.94tr non-oil income in 2020

Fed Govt got N2.94tr non-oil income in 2020







The Federal Government earned N2.94 trillion as non-oil income in 2020 with transportation and haulage accounting for nearly half of the non-oil income for the year.

A report by the National Bureau of Statistics (NBS) on non-oil income obtained yesterday showed that the country earned N1.387 trillion from transportation and haulage, representing 47.2 per cent of the total income segment. The non-oil income included Company Income Taxes (CIT) and Value Added Tax (VAT).

Further breakdown showed that other manufacturing earned the country N245.72 billion, N342 billion came from professional services and telecommunications, N10.202 billion from agriculture, N6.09 billion from automobile and assemblies while banks and financially institutions generated N121.1 billion.

Also, another report on sectoral distribution of  VAT for the fourth quarter,  showed that the Federal Inland Revenue Service (FIRS) collected VAT worth N454.69 billion in fourth quarter of last year, 7.06 per cent increase over N424.71 billion earned in third quarter 2020.

The report indicated that the performance in fourth quarter 2020 represented 47.39 per cent above N308.48 billion generated in fourth quarter of theh previous year.

According to NBS, out of the total amount generated in fourth quarter 2020, N212.52 billion was generated as non-import VAT while N143.35 billion was generated as non-import VAT for foreign. The balance of N98.81 billion was generated as Nigeria Customs Service-import VAT.

The document indicated that professional services generated the highest amount of VAT with N42.38 billion, followed by other manufacturing with N39.45 billion, commercial and trading generated N21.15 billion while mining, pioneering and textile and garment industry recorded N58.88 million, N185.72 million and N353.75 million.

The NBS said  in another document that sectoral distribution of CIT data for fourth quarter 2020 reflected that N295.72 billion was generated as CIT in fourth quarter 2020 as against N416.01 billion in third quarter 2020 and N362.01 billion in fourth quarter 2019 representing -28.91 per cent decrease quarter-on-quarter and -18.31 per cent decrease year-on-year.

The data added that professional services including telecoms generated the highest amount of CIT with N32.17 billion generated and closely followed by other manufacturing, N25.64 billion, commercial and trading, N19.41 billion while textile and garment industry, mining and local government councils recorded N104.37 million, N136.99 million, and N298.73 million respectively.

According to the NBS, out of the total amount generated in fourth quarter 2020, N162.0 billion was generated as CIT locally while N63.52 billion was generated from foreign CIT payment.

The balance of N70.20 billion was generated as CIT from other payments.  (NAN)

Fed Govt got N2.94tr non-oil income in 2020
Fed Govt got N2.94tr non-oil income in 2020
Parrot Nigeria
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