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Nigeria earns N2.33 trillion from VAT, CIT in Q4 2023 

March 14, 2024
in News
Nigeria earns N2.33 trillion from VAT, CIT in Q4 2023 
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Nigeria’s economy witnessed a substantial influx of revenue from Value Added Tax (VAT) and Company Income Tax (CIT) in the fourth quarter of 2023, according to the latest figures released by the National Bureau of Statistics (NBS). 

The combined collections from VAT and CIT amounted to approximately N2.33 trillion in the closing quarter of the year.

Recommended reading: Nigeria’s VAT collection rises by 21.34% to N948.07 billion in Q3
On VAT 

The VAT collections for Q4 2023 was 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%. 

However, not all sectors fared as well, with activities of extraterritorial organisations and bodies seeing a decrease in growth rate by 19.44%, and the financial and insurance sectors experiencing an 8.46% decline. 

Manufacturing, information and communication, and mining and quarrying were the top contributors to the VAT collections, showcasing the diverse sources of tax revenue for the nation.

The year-on-year comparison further illustrates the substantial growth in VAT collections, with a 72.12% increase from Q4 2022. 

The VAT report read: 

“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. 
“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 Company Income Tax (CIT) was 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. 

The CIT report read: 

“On the aggregate, Company Income Tax (CIT) for Q4 2023 was reported at N1.13 trillion, indicating a growth rate 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%.” 

2022 vs 2023 

The year 2023 marked a period of notable growth in tax revenue for Nigeria, with VAT collections increasing by 45.02% to N3.64 trillion from N2.51 trillion in 2022. Similarly, CIT collections saw a rise of 73.14%, amounting to N4.9 trillion up from N2.83 trillion the previous year. 
Together, VAT and CIT contributed a total of N8.54 trillion to Nigeria’s coffers in 2023, significantly surpassing the N5.34 trillion total of the previous year. 

Recommended reading: FG to get N593 billion as its share from VAT collection in 2024

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Copyright for syndicated content belongs to the linked Source : Nairametrics – https://nairametrics.com/2024/03/14/nigeria-earns-n2-33-trillion-from-vat-cit-in-q4-2023/

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