BREAKING: VAT, CIT revenue rises 7 per cent to N2.7 trn

The National Bureau of Statistics, NBS, disclosed this today in its VAT and CIT report for Q3’23.

Details from these reports showed that revenue from VAT stood at N948.07 billion in Q3’23, rising QoQ by 21.34 per cent from N781.35 billion in Q2’23.

Similarly, revenue from CIT increased QoQ by 14.3 per cent to N1.75 trillion in Q3’23 from N1.53 trillion in Q2’23.

According to the reports, agriculture, forestry, and fishing recorded the highest growth rate of 91.87 per cent on VAT payments in the review period.

Similarly, education recorded the highest growth rate of CIT payments by 59.60 per cent.

The VAT report stated: On the aggregate, VAT for Q3’23 was reported at N948.07 billion, showing a growth rate of 21.34 per cent on a QoQ basis from N781.35 billion in Q2’23.

“Local payments recorded were N522.08 billion, foreign VAT payments were N204.58 billion, while import VAT contributed N221.41 billion in Q3’23.

“In terms of sectoral contributions, the top three largest shares in Q3’23 were manufacturing with 26.51 per cent; information and communication with 19.04 per cent; and financial insurance activities with 12.31 per cent.

“However, on a year-on-year basis, VAT collections in Q3’23 increased by 51.6 percent from Q3’22.”

On CIT, NBS said: “On the aggregate, CIT for Q3’23 was reported at N1.75 trillion, indicating a growth rate of 14.3 per cent on a QoQ basis from N1.53 trillion in Q2’23. “Local payments received were N651.63 billion, while foreign CIT payments contributed N1.10 trillion in Q3’23.

“In terms of sectoral contributions, the top three largest shares in Q3’23 were information and communication with 26.18 per cent; manufacturing with 24 per cent; and mining and quarrying with 11.86 per cent.

“However, on a year-on-year basis, CIT collections in Q3’23 increased by 116 per cent from Q3’22.”