VAT, oil, companies, account for 94% of FG’s N2.5trn H1 revenue

Federally collected revenue from oil companies as petroleum profit tax (PPT), company income tax (CIT) and value added tax (VAT) accounted for N2.5 trillion of the total money that entered the Federal Government’s coffers for the first half of this year, investigations have shown.

The amount represents 94.2 percent of the total revenue of N2.5 trillion from other sources, such as stamp duties, capital gains tax and stamp duties, among others.

Analysts said yesterday that the development is positive for government, considering increasing complaints relating to doing business in Nigeria and vandalisation of oil pipelines, but

FG loses millions of dollar over failure to renew oil licences

The Federal Government is losing hundreds of millions of dollars to its failure to renew the leases of some oil companies which expired between three and four years ago.

The companies affected are Shell, Chevron and Total, all of which operate a joint venture partnership with the Federal Government.

How much a company pays on each lease depends on the reserve estimate of the lease, a source said.

According to another industry source,