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Oil and Gas

Three Things to Know About the Petroleum Industry Act (PIA)

In August 2021, Nigeria signed the Petroleum Industry Bill (PIB) into law. Before signing the bill, there had been concerns over the solvency of the Nigerian National Petroleum Corporation (NNPC), especially as it failed to record profit and the corporation’s revenue accounted for a part of the federal government’s revenue. In this report, we bring to you key points and major highlights of the act especially in relation to the profitability of the NNPC, host communities and gas flaring.

Economy

Kebbi State’s 87% IGR growth rate tops other states in 2020

Kebbi State’s Internally Generated Revenue (IGR) increased from ₦7.37 billion in 2019 to ₦13.78 billion in 2020, according to data released by the National Bureau for Statistics NBS. This 87% growth in Kebbi’s IGR was the highest IGR growth rate among the 36 states and the FCT in 2020. Ebonyi state came second at 82% IGR growth rate and Oyo at a distant third with 42%.

Economy

The Sectoral Distribution of Value Added Tax and Nigeria’s Under-explored Mining Sector

The Sectoral Distribution of Value Added Tax (VAT) released by the National Bureau of Statistics has revealed that ₦338.94 billion was generated as VAT in the first quarter of 2020. This amounts to an increase of 15.7 percent from the VAT receipt of ₦293 billion in the first quarter of 2019. Hike in VAT from 5 percent to 7.5 percent is purportedly responsible for this revenue increase.

Economy

Cautions as Federal Tax Revenue Increases

In a recent interview, the Chairman of the Federal Inland Revenue Service, Tunde Fowler submitted that his administration with N5.3 trillion tax revenue in 2018, achieved the highest revenue collection in the history of Nigeria.