FG Rakes In N2.94trn Non-Oil Income

The Federal Government earned N2.94trillion as non-oil income in 2020 with transportation and haulage accounting for nearly half of the non-oil income for the year.
A report by the National Bureau of Statistics (NBS) on non-oil income obtained, yesterday, showed that the country earned N1.387trillion from transportation and haulage, representing 47.2 per cent of the total income segment.
The non-oil income included Company Income Taxes (CIT) and Value Added Tax (VAT).
Further breakdown showed that other manufacturing earned the country N245.72billion, N342billion came from professional services and telecommunications, N10.202billion from agriculture, N6.09billion from automobile and assemblies while banks and financially institutions generated N121.1billion.
Also, another report on sectoral distribution of VAT for the fourth quarter, showed that the Federal Inland Revenue Service (FIRS) collected VAT worth N454.69billion in fourth quarter of last year, 7.06 per cent increase over N424.71billion earned in third quarter 2020.
The report indicated that the performance in fourth quarter 2020 represented 47.39 per cent above N308.48billion generated in fourth quarter of the previous year.
According to NBS, out of the total amount generated in fourth quarter 2020, N212.52billion was generated as non-import VAT while N143.35billion was generated as non-import VAT for foreign.
The balance of N98.81billion was generated as Nigeria Customs Service-import VAT.
The document indicated that professional services generated the highest amount of VAT with N42.38billion, followed by other manufacturing with N39.45billion, commercial and trading generated N21.15billion while mining, pioneering and textile and garment industry recorded N58.88million, N185.72million and N353.75million.
The NBS said in another document that sectoral distribution of CIT data for fourth quarter 2020 reflected that N295.72billion was generated as CIT in fourth quarter 2020 as against N416.01billion in third quarter 2020 and N362.01billion in fourth quarter 2019 representing -28.91 per cent decrease quarter-on-quarter and -18.31 per cent decrease year-on-year.
The data added that professional services including telecoms generated the highest amount of CIT with N32.17billion generated and closely followed by other manufacturing, N25.64billion, commercial and trading, N19.41billion while textile and garment industry, mining and local government councils recorded N104.37million, N136.99million, and N298.73million, respectively.
According to the NBS, out of the total amount generated in fourth quarter 2020, N162.0billion was generated as CIT locally while N63.52billion was generated from foreign CIT payment.
The balance of N70.20billion was generated as CIT from other payments.