FEC ap­proves N1.5 bil­lion ad­verts to get $1 bil­lion tax

Www.guardian.ng • FG, states, coun­cils share N4.6t in nine months

The Guardian (Nigeria) - - NEWS - From Collins Olayinka, Abuja From Ter­hemba Dakaa, Abuja

THE Fed­eral Ex­ec­u­tive Coun­cil (FEC) chaired by Vice Pres­i­dent Yemi Os­in­bajo, yes­ter­day ap­proved N1.5 bil­lion for me­dia ad­ver­tise­ments to drive $1 bil­lion rev­enue un­der the Vol­un­tary As­sets and In­come Dec­la­ra­tion Scheme (VAIDS).

VAIDS, ac­cord­ing to the Min­istry of Fi­nance, is a plat­form de­signed to pro­vide tax pay­ers with the op­por­tu­nity to reg­u­larise their tax pay­ments in re­la­tion to their pre­vi­ous pay­ments.

Brief­ing State House Cor- re­spon­dents af­ter the meet­ing yes­ter­day, Min­is­ter of Fi­nance, Kemi Adeo­sun who was joined by the Min­is­ter of In­for­ma­tion, Lai Mo­hammed and Min­is­ter of Water Re­sources, Suleiman Adamu, said: “I pre­sented a memo on the vol­un­tary As­set Dec­la­ra­tion Bill... for ap­proval of the sum of N1.5b to cover ad­ver­tis­ing cam­paign for nine months, for Ra­dio, TV, On­line, news­pa­pers in­clud­ing center spread.” The min­is­ter said she also briefed Coun­cil, chaired yes­ter­day on the progress made by the gov­ern­ment un­der the tax amnesty.

“And it has been very well re­ceived. We have peo­ple who are ready to de­clare and pay. We sent out over 500 let­ters un­der the first batch, but there are thou­sand of Nige­ri­ans be­ing tar­geted but the first 500 let­ters have gone out. “We have started to get re­sponses back and many peo­ple are ask­ing for time to pay. Most of the gover­nors have agreed to give more time for peo­ple to make ar­range­ments for pay­ments. This is in­deed a very good news for Nige­ria as it will help re­duce over re­liance on oil. It will im­prove our tax rev­enue so that whether oil prices are high or low, we will be able to pro­vide ba­sic ser­vices for our peo­ple.’’

“On the amount ex­pected, we pro­jected $1b and we have al­ready got­ten $110m and that is just from two com­pa­nies. So, we feel we might ex­ceed that tar­get.”

FEC also an­nounced the dis­en­gage­ment of SCC lim­ited from the main­te­nance of the 75km Gu­rara pipe­line project. This is as it said the gov­ern­ment has ap­proved N1.712 bil­lion as pay off to the firm for the main­te­nance ser­vices it has ren­dered in the past nine years. .

Mean­while, the three tiers of gov­ern­ment shared N4.55 tril­lion in the first nine months of the year, the Nige­ria Ex­trac­tive In­dus­tries Trans­parency Ini­tia­tive (NEITI) has said.

NEITI stated yes­ter­day in Abuja that the pe­riod also recorded a down­ward slide in rev­enue gen­er­a­tion as the coun­try suf­fered 49 per cent lower than the ex­pected fig­ures.

NEITI added that the Fed­eral Ac­counts Al­lo­ca­tion Com­mit­tee ( FAAC) dis­bursed N1.757 tril­lion in third quar­ter of 2017. Out of N4.55 tril­lion, N1.757 tril­lion was shared in the third quar­ter of 2017 as against the N1.377 tril­lion and N1.411 tril­lion dis­bursed in the sec­ond and first quar­ters of the year. The lat­est quar­terly re­port of NEITI con­tains in­for­ma­tion and data on FAAC dis­burse­ments for the third quar­ter of 2017 and on mid-year bud­get im­ple­men­ta­tion also shows that be­tween Jan­uary and Septem­ber 2017, the Fed­eral Gov­ern­ment re­ceived the high­est al­lo­ca­tion of N1.851.32 tril­lion, fol­lowed by state gov­ern­ments with N1.509 tril­lion and the 774 lo­cal gov­ern­ments with N913.8 bil­lion.

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