VAT, CIT fetch Nigeria N2.33 trillion in Q4 2023 - NBS
Connect with us

Business

VAT, CIT fetch Nigeria N2.33 trillion in Q4 2023 – NBS

Published

on

Q1: Banks sack 1031, recruit 11,561 contract staff

The combination of Value Added Tax (VAT) and Company Income Tax (CIT) fetched Nigeria N2.33tr in revenue in the fourth quarter of 2024, fresh data from the National Bureau of Statistics (NBS) has shown.

According to the data, VAT collections for Q4 2023 stood at N1.20 trillion, marking a significant 26.61% increase on a quarter-on-quarter basis from N948.07 billion in Q3 2023.

This increase was driven by a combination of local payments, which amounted to N630.00 billion, foreign VAT payments at N326.27 billion, and import VAT contributions of N244.04 billion.

Sector-wise, agriculture, mining, and quarrying led the growth rates with an impressive 63.75% increase, closely followed by other services activities at 61.98%.

“On the aggregate, Value Added Tax (VAT) for Q4 2023 was reported at N1.20 trillion, showing a growth rate of 26.61% on a quarter-on-quarter basis from N948.07 billion in Q3 2023. Local payments recorded were N630.00 billion, Foreign VAT Payments were N326.27 billion, while import VAT contributed N244.04 billion in Q4 2023.

Read also: Submarine cable collapse responsible for poor internet connectivity across Africa -Expert

“On a quarter-on-quarter basis, agriculture, mining and quarrying recorded the highest growth rate with 63.75%, followed by the other services activities with 61.98%. On the other hand, activities of extraterritorial organisations and bodies activities had the lowest growth rate with –19.44%, followed by financial and insurance with –8.46%.

“In terms of sectoral contributions, the top three largest shares in Q4 2023 were manufacturing with 13.24%, information and communication with 10.02% and mining and quarrying with 7.91%. Nevertheless, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00%, followed by activities of extraterritorial organizations and bodies, and water supply, sewerage, waste management and remediation activities with 0.03% and real estate activities 0.07%, agriculture, forestry and fishing with 0.10%. However, on a year-on-year basis, VAT collections in Q4 2023 increased by 72.12% from Q4 2022.”

On CIT, the collection stood at N1.13 trillion, indicating a 35.40% decrease from the previous quarter’s N1.75 trillion.

This downturn was balanced by contributions from local payments (N533.93 billion) and foreign CIT payments (N596.10 billion).

Notably, the electricity, gas, steam, and air conditioning supply sector recorded the highest growth rate at 79.65%, with construction also showing significant growth.

Manufacturing maintained its position as a major contributor to CIT, alongside financial and insurance activities and mining and quarrying, underscoring the critical role of these sectors in Nigeria’s tax revenue framework.

“On the aggregate, Company Income Tax (CIT) for Q4 2023 was reported at N1.13 trillion, indicating a decrease of 35.40% on a quarter-on-quarter basis from N1.75 trillion in Q3 2023. Local payments received were N533.93 billion, while Foreign CIT Payment contributed N596.10 billion in Q4 2023.

“On a quarter-on-quarter basis electricity, gas, steam and air conditioning supply recorded the highest growth rate with 79.65%, followed by construction with 57.86%. On the other hand, activities of Information and communication –69.44, and Public administration and defence, compulsory social security –23.75 had the lowest growth rate.

“In terms of sectoral contributions, the top three largest shares in Q4 2024 were Manufacturing 12.84%, Financial and insurance activities 6.25%, and Mining and quarrying 5.90%. Nevertheless, Activities of households as employers, undifferentiated goods- and services producing activities of households for own use 0.00%, Water supply, sewerage, waste management and remediation activities 0.02%, and Activities of extraterritorial organizations and bodies 0.07%.”

 

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Exit mobile version