Data from Original Equipment Manufacturers have shown that about 63 million devices are sold in Nigeria yearly.
The report submits that device owners change their devices every six to 18 months. This was disclosed in the National Communications Commission’s, ‘Deployment of a Device Management System: Project Information Memorandum.’
The commission said, “Data from OEMs suggests that approximately 63 million devices are sold each year in Nigeria. Estimates suggest that the average device owner changes devices every six to 18 months.
“The size and turnover of the mobile device market offer vast opportunities for the implementation of a DMS.”
In the document, it disclosed that there were approximately 132 million unique devices on the nation’s telecommunication network in 2020.
According to the NCC, the digital economy is about 15.5 per cent of global Gross Domestic Product, growing two and a half times faster than global GDP over the past 15 years.
It added, “According to NCC industry data, the telecom sector is estimated to contribute between 11 – 14 per cent per quarter to the GDP.
“This figure has been rising in the last few years consistent with increasing competition, decreasing telecom sector tariffs, and increasing teledensity. Innovations in the market such as 5G, Internet-of-Things will only further the rate of penetration of telecom devices in Nigeria which makes the DMS project a welcome development.”
FAAC Disburses N656bn April 2022 Revenue To FG, States And LGC’s
Nigeria’s Federation Account Allocation Committee (FAAC) has disbursed N656 billion in revenue it generated in April 2022 to the federal, state and local governments.
This was contained in a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for May 2022.
The N656.602 billion total distributable revenue comprised distributable statutory revenue of N461.189 billion, distributable Value Added Tax (VAT) revenue of N166.522 billion, the sum of N8.891 billion being Excess Bank Charges Recovered and augmentation of N20.000 billion.
In April 2022, the total deductions for the cost of the collection were N29.609 billion and the total deductions for transfers and refunds were N147.651 billion.
The balance in the Excess Crude Account (ECA) was $35.377 million.
The communiqué confirmed that from the total distributable revenue of N656.602 billion; the Federal Government received N257.611 billion, the State Governments received N201.256 billion and the Local Government Councils received N149.251 billion. The sum of N48.485 billion was shared with the relevant States as 13% derivation revenue.
Gross statutory revenue of N635.037 billion was received for April 2022. This was lower than the N933.304 billion received in the previous month by N298.267 billion.
From the N461.189 billion distributable statutory revenue, the Federal Government received N217.412 billion, the State Governments received N110.275 billion and the Local Government Councils received N85.017 billion. The sum of N48.485 billion was shared with the relevant States as 13% derivation revenue.
In April 2022, the gross revenue available from the Value Added Tax (VAT) was N178.825 billion. This was lower than the N219.504 billion available in March 2022 by N40.679 billion.
From the N166.522 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N24.978 billion, the State Governments received N83.261billion and the Local Government Councils received N58.283 billion.
The Federal Government received N4.684 billion; the State Governments received N2.376 billion and the Local Government Councils received N1.831billion from the N8.891 billion Excess Bank Charges Recovered.
The N20.00 billion augmentation was shared as follows: the Federal Government received N10.536 billion, the State Governments received N5.344 billion and the Local Government Councils received N4.120 billion.
According to the Communiqué, in April 2022, Petroleum Profit Tax (PPT) and Excise Duties increased marginally, while Oil and Gas Royalties, Import Duty, Companies Income Tax (CIT) and Value Added Tax (VAT) all recorded significant decreases.
