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18 States Record Negative Revenue Growth For 2020

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It was mixed fortunes for Nigerian states, as 18 states out of 36 including federal capital territory recorded negative Internal Generated Revenue (IGR) in 2020.

This happened as the total amount generated as IGR by states dropped by 1.93 percent to N1.31trn from N1.33trn recorded in 2019.

Benue, Sokoto, and Kwara states recorded the highest drop in IGR by 41.38, 37.93, and 36.03 percent respectively from IGR amount in 2019.

Benue state’s IGR dropped from N17.85billion in 2019 to N10.46 billion last year.

Also, Sokoto’s IGR dropped to N11.79 billion from 19 billion recorded in 2019. While Kwara state’s IGR declined to N19.60 billion from N30.6 billion the previous year.

Other states with a decline in IGR in 2020 include Ekiti, Abia, Akwa Ibom, Delta, Edo, Yobe, Bayelsa, Adamawa, Rivers, Ondo, Niger, Kano, Enugu, Cross River, Ogun, and Jigawa.

On the flip side, Kebbi, Ebonyi, and Oyo recorded the fastest growth in internal generated revenue.

Kebbi outran thirty-five other states in the country with an 87.02 percent growth in IGR last year.

Kebbi IGR grew to N13.7 billion from N7.36 billion the previous year.

For Ebonyi state its IGR grew by 82.30 percent from N7.45 billion to N13.59 billion IN 2020.

Oyo state IGR also expanded to 38.04 billion from N26.74 billion in 2019, indicating a growth of 42.23 percent to complete the top three states in IGR growth.

However, in terms of actual value, due to economic size Lagos state government generated N418.98 billion, the highest amount, across the 36 states.

Lagos State IGR accounted for 32.08 percent of the total IGR and in fact is bigger than the IGR of 28 states combined.

However in terms of growth from the previous year, Lagos state sits 18th with a 5.8 percent IGR growth from N398.73 billion in 2019.

In value terms, Lagos is followed by Rivers with N117.19 billion IGR in 2020; FCT generated N92.06 billion, Delta contributed N59.73 billion IGR while Kaduna generated N50.77 billion.

Rivers, FCT, Delta, and Kaduna in IGR growth ranking are in 27th, 7th, 22nd, and 12th positions.

Yobe State recorded the least Internally Generated revenue in 2020 with N7.77 billion generated.

The full list and percentage share to the total in 2020

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VAT Increases By N41.7bn – NBS

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The National Bureau of Statistics (NBS) has said that Value Added Tax (VAT) increased by N41.7 billion in Quarter One of 2021.

VAT increased by N41.7 billion to N496.39 billion in Quarter One of 2021 as against N454.69 billion generated in Quarter Four of 2020 and N324.58 billion generated in Q1 of 2020.

The National Bureau of Statistics (NBS) published the figures in Abuja on Saturday in its Sectoral Distribution of VAT for Q1 2021.

According to the bureau, the increase represents a 9.17 per cent increase quarter-on-quarter and a 52.93 per cent increase year-on-year.

It said that of the total amount generated in Q1 of 2021, N224.85 billion was generated as non-import VAT locally, while N171.66 billion was generated as non-import VAT for foreign.

It added that the balance of N99.88 billion was generated as Nigeria Customs Service-import VAT.

The NBS said that manufacturing generated the highest amount of VAT – N49.41 billion – closely followed by professional services which generated N42.50 billion.

“State ministries and parastatals generated N26.96 billion, while mining generated the least with N48.36 million.

According to NBS, mining is closely followed by pioneering and textile with N77.01 million, and garment industry with N289.41 million.”

The bureau said that the data was provided by the Federal Inland Revenue Service and verified and validated by NBS.

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Presidency Gives Update On MSMEs Survival Fund

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The presidency says the portal for the 4th National Micro Small and Medium Enterprises (MSMEs) Award will open from May 10.

Tola Johnson, Special Assistant to the President on Micro Small and Medium Enterprises (MSMEs), Office of the Vice President, made this known on Friday in Abuja.

Johnson, who is also the Coordinator, Project Delivery Office (PDO), briefed newsmen on the fourth National MSMEs Award slated for June 27.

He said that MSMEs interested in the 2021 Awards should visit the website www.msmeclinics.gov.ng from May 10.

President Muhammadu Buhari, through Vice President Yemi Osinbajo, moved to empower and reward MSMEs across the country, which gave birth to National MSME Clinics in 2017.

Some offshoots of the clinics include the MSMEs One-Stop-Shop, the Shared Facility Initiative and the MSMEs Awards conceived in 2018.

According to Johnson, a few things will be done differently in the forthcoming awards.

He said, “One of the very important things to quickly say is that this year, the award’s site or portal has moved to www.msmeclinics.gov.ng.

“In the past, we used to have msmeclinics.gov.com but now moved to a safer site; so, we will be expecting a lot more people on this site.

“This year, also, the portal will be opened from May 10, and it will open for three weeks to run all through to May 31.

“The categories are the same, but there is a certain category that was reviewed based on input or suggestion from one of our partners National Information Technology Development Agency (NITDA).

“ The category in question has been changed to Tech and Innovation Driven Enterprise; it used to be just Innovation Category.’’

He listed other categories as agriculture, beauty, wellness and cosmetics, creative arts, fashion and style, furniture and woodwork and manufacturing.

Johnson said there were other special categories as the “Best MSMEs Supporting State’’.

He said the date for the fourth MSME Award coincided with the UN Day for MSME, adding that there would also be a fashion exhibition.

“One other thing that is worthy of mention is that this year, we are going to have this week of the MSMEs award, which is on June 27.

“We are doing it exactly the same day at the UN World MSME Day.

“So, this will be Nigeria’s answer to marking that day; to give MSMEs who are thriving in that space some sort of rewards and recognition.

“More so, we are going to have a fashion and art exhibition on June 25; it is a first of its kind; we are expecting a lot of Nigerian brands from across the country; it is strictly made in Nigeria exhibition, ‘’ he said.

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Ooni Of Ife Canvasses For Locally Made Products

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The Arole Oduduwa and Ooni of Ife, Ooni Adeyeye Enitan Ogunwusi Ojaja II, has urged Nigerians to patronise locally made products, stating that such gesture is required to grow the country’s economy.

Ogunwusi made the call recently at his Ile Oodua Palace Ile-Ife while playing host to management of Titan Multi-business investment Limited, producers of Titan Rice.

The Titan team were on a courtesy visit to the African foremost monarch to formally invite him as the special guest of honour at the commissioning of the Titan Farms Corporate head office and rice factory located in Ibadan, slated to hold soon.

The Ooni commended Titan management for their patriotism and originality while rendering qualitative services to Nigerians.

“We should commend the management of this great company and other few ones across the country for standing up to the challenges in the competitive market, it is obviously not easy,” the Ooni said.

Founder and Chief Trader, Titan Multi-business Investment, Mr Gbenga Eyiolawi, thanked the Ooni for the kind words, affirming his organisation’s readiness to uphold its efficient service delivery mechanism.

“Titan is an agro-commodity processing and trading outfit, buying farm produce directly from Nigerian farms and processing them with our partner-mills and processing facilities using High-Tech equipment in the Northern part of the country.

“These processed goods are packaged in our brand and sold directly to distributors across South-west Nigeria. Pioneer of such goods is our rice brand known as Titan Rice which is produced and packaged in the North and then sold in the South,” Eyiolawi noted.

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