Mkpoikana Udoma Port Harcourt — Rivers State Governor, Nyesom Ezenwo Wike on Wednesday threatened to shutdown oil companies, banks and…
Browsing: Value Added Tax
Lagos – Oil-producing states in the country received N36.19bn as 13 percent derivation fund in the month of September, according…
Mkpoikana Udoma – Port Harcourt — Akwa Ibom State Governor, Udom Emmanuel, has presented a total budgetary outlay of N597.800billion for…
“In addition, Nigeria has been able to request data from a number of nations including traditional tax havens. The data have been received from a number of foreign jurisdictions under the exchange of information protocols.”
The NEITI review attributed the revenue increase in 2017 to rising crude oil prices, improved oil production, and greater attention towards development of non-oil revenue sectors.
He said, “There was significant increase in revenue from export sales of $176.4 million due to an increase in crude oil production by 4.12 million barrels. However, the average price of crude oil decreased from $50.44 to $46.29 per barrel.”
It said the value represented a 20.28 per cent increase quarter-on-quarter and 31.69 per cent increase year-on-year.
Crude oil production suffered due to leakages, sabotage, shut-ins and shut-downs at Terminals for maintenance and the Force Majoure declared at Forcados Terminal since February, 2016 subsisted.
The allocation was made using the revenue sharing formular, Federal Government, 52.68 per cent; states, 26.72 per cent and local governments 20.60 per cent. The report showed that before distribution, state liabilities were deducted.
he document stated that “The ERGP has set a GDP growth target of 4.62 per cent average annual growth between now and 2020. From the estimated negative growth of -1.54 per cent recorded in 2016, the real GDP is projected to grow to 2.19 per cent in 2017 and 4.8 per cent in 2018, before peaking at 7.0 per cent in 2020.”
