• Advertise
  • Opinion
  • Features & Interviews
  • Investigation
  • Contact
Tuesday, January 31, 2023
  • Login
No Result
View All Result
NEWSLETTER
The Lagos Today
  • Home
  • News
    • Lagos News
    • National News
    • World News
  • Entertainment⚡ by CRAWL
    • All
    • Art & Design
    • Books
    • Movie
    • Music
    • Sports
    Why Arsenal Are Winning- Guardiola

    Why Arsenal Are Winning- Guardiola

    Falcons Coach picks Ebi, Oshoala, 21 others for Revelation Cup in Mexico

    Falcons Coach picks Ebi, Oshoala, 21 others for Revelation Cup in Mexico

    Tottenham Sign Nigeria-born Danjuma On Loan From Villarreal

    Tottenham Sign Nigeria-born Danjuma On Loan From Villarreal

    Beyonce rakes in $320k per minute for Dubai concert 

    Beyonce rakes in $320k per minute for Dubai concert 

    Chelsea Agree £29m Deal For PSV Forward, Madueke

    Chelsea Agree £29m Deal For PSV Forward, Madueke

    Pele Leaves Millions In Will For Out Of Wedlock Daughter He Denied

    Pele Leaves Millions In Will For Out Of Wedlock Daughter He Denied

    Eight states register for NSSFF American Football Championship

    Eight states register for NSSFF American Football Championship

    Big Brother Titans: 20 Housemates Compete For $100,000

    Big Brother Titans: 20 Housemates Compete For $100,000

    Kenya Suspends 16 Players And Coaches For Match-fixing

    Kenya Suspends 16 Players And Coaches For Match-fixing

    Police Summon OAP Do2dtun Over Alleged Domestic Violence

    Police Summon OAP Do2dtun Over Alleged Domestic Violence

  • Opinion
  • Business
  • Features & Interviews
  • Best Of Lagos
    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    A Rare Hobby: Sports Fishing In Lagos

    A Rare Hobby: Sports Fishing In Lagos

    Chef Nkesi- Experiencing Different Cultures Through Food

    Chef Nkesi- Experiencing Different Cultures Through Food

    Wumi Jubril: Creating Memorable Experiences

    Wumi Jubril: Creating Memorable Experiences

    Nordic hotel

    Nordic Hotel Makes Grand Debut in Lagos

  • Things To Do
  • Home
  • News
    • Lagos News
    • National News
    • World News
  • Entertainment⚡ by CRAWL
    • All
    • Art & Design
    • Books
    • Movie
    • Music
    • Sports
    Why Arsenal Are Winning- Guardiola

    Why Arsenal Are Winning- Guardiola

    Falcons Coach picks Ebi, Oshoala, 21 others for Revelation Cup in Mexico

    Falcons Coach picks Ebi, Oshoala, 21 others for Revelation Cup in Mexico

    Tottenham Sign Nigeria-born Danjuma On Loan From Villarreal

    Tottenham Sign Nigeria-born Danjuma On Loan From Villarreal

    Beyonce rakes in $320k per minute for Dubai concert 

    Beyonce rakes in $320k per minute for Dubai concert 

    Chelsea Agree £29m Deal For PSV Forward, Madueke

    Chelsea Agree £29m Deal For PSV Forward, Madueke

    Pele Leaves Millions In Will For Out Of Wedlock Daughter He Denied

    Pele Leaves Millions In Will For Out Of Wedlock Daughter He Denied

    Eight states register for NSSFF American Football Championship

    Eight states register for NSSFF American Football Championship

    Big Brother Titans: 20 Housemates Compete For $100,000

    Big Brother Titans: 20 Housemates Compete For $100,000

    Kenya Suspends 16 Players And Coaches For Match-fixing

    Kenya Suspends 16 Players And Coaches For Match-fixing

    Police Summon OAP Do2dtun Over Alleged Domestic Violence

    Police Summon OAP Do2dtun Over Alleged Domestic Violence

  • Opinion
  • Business
  • Features & Interviews
  • Best Of Lagos
    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    A Rare Hobby: Sports Fishing In Lagos

    A Rare Hobby: Sports Fishing In Lagos

    Chef Nkesi- Experiencing Different Cultures Through Food

    Chef Nkesi- Experiencing Different Cultures Through Food

    Wumi Jubril: Creating Memorable Experiences

    Wumi Jubril: Creating Memorable Experiences

    Nordic hotel

    Nordic Hotel Makes Grand Debut in Lagos

  • Things To Do
No Result
View All Result
The Lagos Today
No Result
View All Result
Home Business

Only 3 states generate IGR more than allocation from FAAC — Dr Ayawei

by Segun Adewunmi
November 30, 2022
in Business
2 min read
0
0
Nigerian Government Shared N640.3bn in January
Share on FacebookShare on Twitter

The Executive Chairman, Bayelsa State Internal Revenue Service, Dr. Nimibofa Ayawei, yesterday said only Lagos, Ogun, and Kaduna states generate internal revenue, otherwise known as Internally Generated Revenue, IGR, above allocation received from the Federal Account Allocation Commission, FAAC.

Dr Ayawei who disclosed this at the 47th induction ceremony of the Chartered Institute of Taxation of Nigeria, CITN, noted that the other states solely depend on FAAC to meet their responsibilities to their citizens, stressing the states need to do more to boost IGR.

The guest lecturer among others, said: “We all know that the major sources of revenue to states have been from Federal Account Allocation Committee, FAAC, and Internal Generated Revenue, IGR. Generally, government has the responsibility to provide infrastructures, security, health, and education. Each tier of government meeting these responsibilities are subject to availability of resources, which require revenue. Incidentally, the number one source of revenue in the state is dwindling.

“We get more money from FAAC, and the basis of FAAC is oil. FAAC is almost becoming a spent-thrift. Therefore, the need to look inwards becomes necessary, which is IGR. Enhancing and sustaining IGR has been a major task for the states.  There is always need to bridge the gap between revenue resources and budgetary by boosting IGRs at state levels.

“If you look at the figures of Nigerian governors’ forum, only about three states are able to generate IGR more than their FAAC allocations. These include Lagos, N554billion as against N253bilion from FAAC, Ogun State, N100billion as against N1.6billion from FAAC, and Kaduna N89 billion as against N79 billion from FAAC. All the other states rely heavily on FAAC. While IGR become the panacea to infrastructural development and funding of public services, the challenges behove on tax collections by the states.

“Bridging the gap involves looking at these areas. The most important untapped area is the informal sector. It is very large but is not taxed. So, looking inwards will involve looking at the informal sector which requires enlightenment on the part of tax practitioners. There are also many rich people in Nigeria who are not paying adequate taxes. Imagine somebody who buys a G-wagon, and pays tax of N35, 000 a year or even N200, 000 a year. You know that something is wrong somewhere. 

Earlier, CITN President, Mr Adesina Adedayo, in his welcome address, said, “It is a given that, taxation in the 21st Century 4th Industrial Revolution era has transformed significantly. The digital economy has grown dramatically worldwide, leading to the growth in e-commerce and online transactions. Despite the advantages linked to the expansion of the digital economy, several challenges have also originated. In the midst of this challenges, tax implications of the digitalised economy are perhaps the most urgent that bedevils revenue authorities, policymakers of governments, international organisations and tax professional.”

Follow us on social media
  • Facebook
  • Twitter
  • Instagram

Share this:

  • Twitter
  • Facebook

Like this:

Like Loading...
Tags: Federal Government of NigeriaFederation Account Allocation Committee (FAAC)Internal Generated Revenue (IGR)
Previous Post

London museum returns looted Benin bronzes to Nigeria

Next Post

Ex-Minister, Wantaregh Paul Unongo, is Dead

Segun Adewunmi

Segun Adewunmi

Related Posts

Naira Gains Across Forex Markets Amid CBN Intervention

Banks Will Accept Old Naira Notes After Deadline – Emefiele 

by Idonosan Debe
January 31, 2023
0

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, says banks will continue to accept old naira notes after the...

Manufacturing Firms Borrowed N570bn From Commercial Banks in 2020 Amid Covid-19 Pandemic

Alleged Data Breach: NDPB Investigates GT, Zenith Banks

by Idonosan Debe
January 31, 2023
0

The Nigeria Data Protection Bureau (NDPB) has commenced investigation into allegations of data breach by Guarantee Trust and Zenith Banks....

Next Post
Ex-Minister, Wantaregh Paul Unongo, is Dead

Ex-Minister, Wantaregh Paul Unongo, is Dead

Please login to join discussion

Recommended

Hushpuppi: Special Panel Interrogates Abba Kyari For 4 Hours

Hushpuppi: Special Panel Interrogates Abba Kyari For 4 Hours

1 year ago
Former French Prime Minister François Fillon sentenced to five years

Former French Prime Minister François Fillon sentenced to five years

3 years ago

Popular News

    Newsletter

    Connect with us

    Tags

    #EndSARS 2023 Elections 2023 polls 2023 Presidency Academic Staff Union of Universities (ASUU) ACCIDENT Africa All progressives Congress APC Asiwaju Bola Tinubu ASUU Strike Babajide Sanwo-Olu Bitcoin CBN Central Bank of NIgeria Central Bank of Nigeria (CBN) China Coronavirus pandemic Covid-19 Covid-19 in Lagos Covid-19 in Nigeria Covid-19 Vaccine Cryptocurrency Donald Trump Drug Trafficking EFCC Federal Government Federal Government of Nigeria Fraud Gov. Sanwo-Olu Insecurity Lagos-Ibadan expressway Lagos state Lagos State Government Lagos State Police command Muhammadu Buhari Murder Naira NDLEA Nigeria Rape Strike action UK United states US

    News

    • Business
    • National
    • Politics
    • Tech

    Opinion

    • Editorials
    • Today’s Opinion
    • Letters
    • Sunday Review
    • Advertise
    • Opinion
    • Features & Interviews
    • Investigation
    • Contact

    © 2020 The Lagos Today - Nkali.

    No Result
    View All Result
    • Home
    • News
      • Lagos News
      • National News
      • World News
    • Entertainment
    • Opinion
    • Business
    • Features & Interviews
    • Best Of Lagos
    • Things To Do

    © 2020 The Lagos Today - Nkali.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Create New Account!

    Fill the forms bellow to register

    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    %d bloggers like this: