NCC deploys RAS to plug revenue leakage
FG, States, LGs Share N574.668b For January
The Nigerian Communications Commission (NCC) has concluded plans to deploy Revenue Assurance Solution (RAS) in the monitoring of revenue payable by licensees to block leakages.
Speaking at the virtual interactive session with stakeholders on RAS deployment in the Nigerian telecommunications industry, yesterday, in Abuja, the Executive Vice-Chairman and Chief Executive Officer (EVC/CEO) of NCC, Prof. Umar Danbatta, explained that it is a major success in finding a transparent process for an independent assessment, validation and completeness of the Annual Operating Levy (AOL).
According to him, the commission does not have an independent way of verifying the AOL payable to NCC by various licensees, adding that NCC only relies on the accounts books, which are not good enough. He stated that NCC would, from the effort, be able to establish whether there are arrears to be paid to the commission.
The NCC boss pointed out that the Federal Government was working assiduously to plug leakages in various revenue streams of Ministries Departments and Agencies (MDAs) and optimise the revenue growing from those sources.
Meanwhile, the Federation Accounts Allocation Committee (FAAC) has shared N574.668 billion as January 2022 allocation to the Federal Government, states and local councils.
This was contained in a communiqué issued at the end of a virtual meeting of FAAC for February 2022. The revenue comprised distributable statutory revenue of N291.4 billion, distributable Value Added Tax (VAT) of N178.066 billion, Exchange Gain of N5.202 billion and Non-Mineral Revenue of N100 billion.
In January 2022, the cost for collection was N25.421 billion and the total deductions for statutory transfers, refunds and savings were N92.767 billion. The balance in the Excess Crude Account (ECA) was $35.368 million.
The communiqué confirmed that from the N574.668 billion revenue, the Federal Government received N204.580 billion, state governments received N179.251 billion and the local councils received N131.878 billion. A total of N58.959 billion was shared to the relevant states as 13 per cent derivation revenue.
From the statutory revenue of N291.4 billion, the Federal Government received N122.749 billion, the state N62.260 billion and the councils N48 billion. The sum of N58.391billion was shared to the relevant states as 13% derivation revenue.
In the month of January 2022, the gross revenue available from the Value Added Tax (VAT) was N191.222 billion. This was lower than the N201.255 billion available in December 2021 by N10.033 billion.
The sum of N5.507 billion allocation to NEDC and N7.649 billion cost of collection were deducted from the N191.222 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N178.066 billion.
From the N178.066 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N26.710 billion, the state N89.033 billion and the councils N62.323 billion.
The Federal Government received N2.441 billion from the total Exchange Gain revenue of N5.202 billion. The states received N1.238 billion, the councils received N955 million and N568 million was shared as 13 per cent derivation revenue.
According to the communiqué, in January, Companies Income Tax (CIT), Petroleum Profit Tax (PPT) and oil and gas royalties decreased significantly while VAT, Import and Excise Duties decreased marginally.