{"id":141783,"date":"2024-12-08T11:45:53","date_gmt":"2024-12-08T10:45:53","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/imo-lowest-record-in-vat-evidence-of-dying-economy-pdp"},"modified":"2024-12-08T12:47:57","modified_gmt":"2024-12-08T11:47:57","slug":"imo-lowest-record-in-vat-evidence-of-dying-economy-pdp","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/parties\/imo-lowest-record-in-vat-evidence-of-dying-economy-pdp","title":{"rendered":"Imo lowest record in VAT evidence of dying economy \u2013 PDP"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Nigeria. <\/strong><\/span>The Peoples Democratic Party, (PDP), Imo State Chapter, has alleged that the recently released data on Value Added Tax, VAT, as generated across the 36 States of the Federation and the Federal Capital Territory, remains a vindication of its previous stand on the dwindling fortunes of Imo economy under Governor Hope Uzodinma\u2019s watch.<\/p>\n<p>Imo PDP in a press release signed by its state publicity secretary, Lancelot Obiaku, and made available to newsmen, alleged that the Governor\u2019s leadership style had made the state \u201cunattractive to investors.\u201d<\/p>\n<p>The party wondered how the State allegedly generated the lowest VAT revenue in the whole Federation of Nigeria, adding that even the second worst performing State, Zamfara, generated N432.80 million compared to Imo\u2019s N235.41 million, an amount the PDP described as not only the lowest in the whole country but also \u201cpaltry.\u201d<\/p>\n<p>\u201cTo illustrate the dire state of Imo\u2019s economy, the State generated the lowest VAT revenue in the entire Federation, with a paltry N235.41 million.<\/p>\n<p>\u201cThis amount is almost half of what the second worst-performing State, Zamfara, generated (N432.80 million).<\/p>\n<p>\u201cBefore they blame it on insecurity&#8230;it is worth noting that the second-worst-performing State in the Southeast (Abia) generated three times more, while Ebonyi performed nearly ten times better, and Anambra recorded twenty times Imo\u2019s VAT figure,\u201d he said.<\/p>\n<p>The publicity secretary of the party revealed that Imo\u2019s VAT contribution was a mere 0.2 percent of what Lagos generated, which represents an embarrassing disparity, pointing out that in its analysis of the nexus between the VAT figures and performance of States\u2019 economies, the State recorded what he described as very poor performance.<\/p>\n<p>\u201cTo be clear, VAT, a consumption tax levied on goods and services at each stage of production or distribution, is paid by consumers but collected by businesses and remitted to the government through the Federal Inland Revenue Service (FIRS).<\/p>\n<p>\u201cVAT ratio, therefore, is directly proportional to the productivity level and health of an economy.<\/p>\n<p>\u201cWe are not in doubt that Imo\u2019s dismal performance reflects the comatose state of its business environment and overall economy. Nothing can better mirror the state\u2019s zero productivity,\u201d the party declared.<\/p>\n<p>Imo PDP also decried the alleged absence of what it called coherent economic blueprint to reverse the decline.<\/p>\n<p><strong>For More News And Analysis About <span style=\"color: #ff6600\">Nigeria<\/span> Follow <span style=\"color: #ff6600\">Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. The Peoples Democratic Party, (PDP), Imo State Chapter, has alleged that the recently released data on Value Added Tax, VAT, as generated across the 36 States of the Federation and the Federal Capital Territory, remains a vindication of its previous stand on the dwindling fortunes of Imo economy under Governor Hope Uzodinma\u2019s [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":141782,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,16],"tags":[254],"class_list":["post-141783","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-parties","tag-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Imo lowest record in VAT evidence of dying economy \u2013 PDP - Nigeria<\/title>\n<meta name=\"description\" content=\"The Peoples Democratic Party, (PDP), Imo State Chapter, has alleged that the recently released data on Value Added Tax, ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/parties\/imo-lowest-record-in-vat-evidence-of-dying-economy-pdp\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Imo lowest record in VAT evidence of dying economy \u2013 PDP\" \/>\n<meta property=\"og:description\" content=\"The Peoples Democratic Party, (PDP), Imo State Chapter, has alleged that the recently released data on Value Added Tax, ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/parties\/imo-lowest-record-in-vat-evidence-of-dying-economy-pdp\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-08T10:45:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-08T11:47:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/12\/sm_1733645856.899084.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/parties\/imo-lowest-record-in-vat-evidence-of-dying-economy-pdp#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/parties\/imo-lowest-record-in-vat-evidence-of-dying-economy-pdp\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Imo lowest record in VAT evidence of dying economy \u2013 PDP\",\"datePublished\":\"2024-12-08T10:45:53+00:00\",\"dateModified\":\"2024-12-08T11:47:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/parties\/imo-lowest-record-in-vat-evidence-of-dying-economy-pdp\"},\"wordCount\":399,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/parties\/imo-lowest-record-in-vat-evidence-of-dying-economy-pdp#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/12\/sm_1733645856.899084.jpg\",\"keywords\":[\"Nigeria\"],\"articleSection\":[\"all news\",\"Parties\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/parties\/imo-lowest-record-in-vat-evidence-of-dying-economy-pdp#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/parties\/imo-lowest-record-in-vat-evidence-of-dying-economy-pdp\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/parties\/imo-lowest-record-in-vat-evidence-of-dying-economy-pdp\",\"name\":\"Imo lowest record in VAT evidence of dying economy \u2013 PDP - 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