Revenue Generation In Nigeria
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Revenue By Salisu Sani Idris Abuja Nov 3 2019 The Fct Minister Of State Dr Ramatu Aliyu Has Vowed To Deal Decisively With An Jigawa Nigeria Customs Service
Tax is a compulsory levy imposed by government on individuals and companies for the various legitimate function of the state olaoye 2008.
Revenue generation in nigeria. With respect to revenue generation the nigeria immigration service nis in 2019 generated over n62 6 billion and 41 83 million as stated by the then comptroller general. Sources of government revenue in nigeria. In a recent list of igr of states in nigeria edo income revenue was put at n19 117 468 369 25. Revenue generation in nigeria local governments is principally derived from tax.
Taxation has not contributed significantly to revenue generation in nigeria. One major source of edo state wealth is tourism. The agency s chief further said that nis was not only a key security agency of the government but also a key revenue generating outfit. Afdb develops 3 year project for revenue generation in extractive industry on november 10 2020 4 21 am in business by lawal sherifat kindly share this story.
Apart from generating income from tax and business holders tourism its natural resources and monies collected from markets are just a few sources of ogun state igr. Analysis of internally generated revenue and its implications on fiscal viability of state governments in nigeria. Government revenues in nigeria decreased to 864 88 ngn billion in the first quarter of 2020 from 1418 87 ngn billion in the fourth quarter of 2019. Tax is a necessary ingredient for civilization.
The chartered institute of taxation of nigeria citn has identified the significant role that the nigerian maritime administration and safety agency nimasa plays in ensuring that tax revenue becomes a prime source of government financing in the nation s economic development drive. The history of man has shown that man has. Taxation has not contributed significantly to the steady growth in gross domestic product in nigeria. At the close of 2017 revenue generation by the nigeria customs service stood at n1 037 trillion which was higher than the country s anticipated target by 27.
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