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Economy

Nigeria Generates N275.12bn from VAT in Q3

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value added tax VAT

By Adedapo Adesanya

The National Bureau of Statistics (NBS) has disclosed that a sum of N275.12 billion was generated as Value Added Tax (VAT) in the third quarter of 2019. This amount is less than the N311.94 billion generated through VAT in the second quarter of 2019.

The NBS report indicated that the sum of N273.50 billion was generated in the third quarter of 2018, representing 11.81 percent decrease Quarter-on-Quarter and 0.59 percent increase Year-on-Year.

The report explained that professional services generated the highest amount of VAT with N32.09 billion followed by manufacturing which generated N30.27 billion, and then Commercial and Trading with N14.47 billion.

NBS further disclosed that mining generated the least, closely followed by Textile and Garment Industry and then Pharmaceutical, Soaps, and Toiletries with N44.30 million, N253.83million and N291.06 million respectively.

The bureau noted that out of the total amount generated in Q3 2019, N150.74 billion was generated as Non-Import VAT locally while N63 billion was realised as Non-Import VAT for foreign.

It also added that the balance of N61.37 billion was gotten as Nigeria Customs Service NCS-Import VAT.

Business Post reports that at the moment, government charges 5 percent VAT on goods and services, but it hopes to increase this to 7.5 percent from Wednesday, January 1, 2020.

This was one of the reasons President Muhammadu Buhari presented the Finance Bill alongside the 2020 Appropriation Bill in October 2019 to a joint session of the National Assembly.

The bill was to make it lawful for government to raise VAT to 7.5 percent from 5 percent. It was eventually passed by the parliament last month and is awaiting accent of the President.

The 2020 budget is based on the 7.5 percent VAT, with a large chunk of it to be used by state government under the new law.

Many Nigerians had kicked against the increment, but federal government said this action was taken to generate more revenue to carry out some of its core responsibilities.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

SEC Postpones Q2 2026 Pre-registration Training, Examination for CMOs

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capital market operators

By Aduragbemi Omiyale

The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.

Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.

This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.

The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.

In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.

“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.

“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.

“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.

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Economy

Fidson Lists Additional 600 million Shares on Stock Exchange

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fidson

By Aduragbemi Omiyale

One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.

The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.

The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.

They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.

Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.

“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.

“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”

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Economy

FG Approves Payments to 1,240 Contractors to Ease Liquidity Pressure

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FG contractors protest

By Modupe Gbadeyanka

This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.

This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.

This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.

The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.

In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.

It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.

The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.

“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.

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