FG earns N1.4trn from VAT, CIT in 3 months – NBS

The National Bureau of Statistics (NBS) has disclosed that the federal government generated N1.435trn from Value Added Tax (VAT) and Company Income Tax (CIT) in the third quarter of 2023.

NBS, in reports it released, stated that the government made N810bn from CIT and N625bn from VAT.

It stated that on aggregate, the CIT for Q3 2022 indicated a growth rate of 13.41 per cent on a quarter-on-quarter basis from N714.40 billion in Q2 2022.

It stated also that sectoral contributions for the top three largest shares during the period were manufacturing with 28.76 (N138.9bn); information and communication with 27.31 (N231.9bn) and financial & insurance with 8.81 per cent (N42.5bn).

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For VAT, it stated the N625.39bn was a growth rate of 4.21 per cent on a quarter-on-quarter basis from N600.1bn. 

It said local payments recorded were N367.93bn while foreign VAT payments were N121.85bn and import VAT contributed N135.61.