July 20, 2024

Nigerian govt collected N2tn revenue from VAT, CIT in Q1 2024 – NBS

The Nigerian Government collected N2.027.61 trillion as revenue from Value Added Tax (VAT) and Company Income Tax (CIT) in the first quarter of 2024.

The National Bureau of Statistics disclosed this in its recent VAT and CIT report for Q1 2024.

The report stated that the country made N1.43 trillion from VAT, showing a growth rate of 19.21 percent on a quarter-on-quarter basis from N1.20 trillion in Q4 2023.

Accordingly, local VAT payments recorded were N663.18 billion, foreign VAT payments were N435.73 billion, while import VAT contributed N332.01 billion in Q1 2024.

The report noted that accommodation and food service activities recorded the highest growth rate, with 59.15 percent in VAT collection, followed by the activities of administration and support with 47.79 percent.

On the part of CIT for Q1 2024, it was reported at N984.61 billion, indicating a growth rate of –12.87 percent on a quarter-on-quarter basis from N1.13 trillion in Q4 2023.

Local CIT payments received were N386.49 billion, while foreign CIT payments contributed N598.13 billion in Q1 2024.

Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the highest growth rate, with 330.42 percent, followed by administrative and support service activities with 33.18 percent.

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