VAT revenue: States, LGAs’ll get 85%, FG 15%, says Minister

VAT revenue: States, LGAs’ll get 85%, FG 15%, says Minister

Isaac Anumihe, Abuja

Minister of Works and Housing yesterday, said that the 85 per cent  Value Added Tax (VAT) revenue would go to states and local governments for salaries and infrastructure investment while the remaining 15 per cent would be used by the Federal Government for the development of infrastructure.

The Minister’s explanation came against the backdrop of  intense criticisms over the increase of VAT from 5 per cent to 7.5 per cent by the Federal Government.

Speaking when the Chief Executive Officer of TVC Communications, Mr. Andrew Hanlon, paid him a courtesy visit, Fashola said that the budget is pro-states and local governments because 85 per cent of the VAT revenue would be enjoyed by the states.

On the 2019 Budget, the Minister urged Nigerians to look more at the content of the budget instead of the numbers.

He described  the 2020 Budget as pro-people and pro-state saying it would drive development of the states and enhance the  well-being of the ordinary people.

“The budget is just looking at the numbers, and how many people are doing the analysis aside the numbers.

“We focus more on developmental infrastructure; a completed road is a development drive;  a completed airport is also a development drive.  These are the critical contents embedded in the budget not just the numbers” he said.

Fashola also  said that people should look at the clear statement of intent of the budget as pro-people budget of growing the economy, raising money and not hurting people through unfavourable tax regime.

The Minister described the 2020 budget as laudable and charged TVC Group and other media organisations to do critical analysis of the budget to enable them bring out the message to the general public.

Earlier,  TVC Communications CEO, Mr Andrew Halon had expressed his organisation’s  readiness to partner with the Ministry in disseminating quality news to the over seven million viewers that watch their station on a daily basis. He added that the organisation has invested a lot of money in infrastructure and human capacity development to improve on their services and make their channel more attractive to viewers.

The post VAT revenue: States, LGAs’ll get 85%, FG 15%, says Minister appeared first on The Sun Nigeria.

Source link

Leave a Reply

Close Menu