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How Nigerians paid N1.43trn VAT in Q1 2024; company tax stands at N984.61bn

Screenshot 2023 12 11 at 1.06.10 PM

The National Bureau of Statistics (NBS), said the aggregate Value Added Tax (VAT) stood at N1.43 trillion in Q1 2024.

This is according to the VAT Q1 2024 Report released in Abuja on Tuesday.

The report shows a growth rate of 19.21 per cent on a quarter-on-quarter basis from N1.20 trillion recorded in Q4 2023.

The report also showed that local payments recorded were N663.18 billion, while foreign VAT payments contributed N435.73 billion, while import VAT contributed N332.01 billion in Q1 2024.

On a quarter-on-quarter basis, the report showed that accommodation and food service activities recorded the highest growth rate at 59.15 per cent , followed by the activities of administrative and support at 47.79 per cent .

“On the other hand, activities of extraterritorial organisations and bodies had the lowest growth rate at –57.01 per cent , followed by human health and social work activities at –27.73 per cent.”

In terms of sectoral contributions, the report showed the top three largest shares in Q1 2024 were manufacturing at 26.72 per cent, information and communication at 17.42 per cent and mining and quarrying activities at 15.42 per cent .

“On the other hand, activities of households as employers, undifferentiated goods and services-producing activities of households for own use recorded the least share at 0.01 per cent.

“This was followed by activities of extraterritorial organisations and bodies at 0.03 per cent, and water supply, sewerage, waste management and remediation activities at 0.05 per cent.

On a a year-on-year basis, it showed that VAT collections in Q1 2024, increased by 101.65 per cent from Q1 2023.

Company tax for Q1 2024 stands at N984.61bn – NBS

The nation’s aggregate Company Income Tax (CIT) for Q1 2024, is reported to be N984.61 billion, the National Bureau of Statistics (NBS) says.

The figure is contained in the NBS Company Income Tax (CIT) Q1 2024 Report released in Abuja on Tuesday.

According to the report, the figure shows a growth rate of -12.87 per cent on a quarter-on-quarter basis from N1.13 trillion recorded in Q4 2023.

The report said local payments received were N386.49 billion, while foreign CIT payment contributed N598.13 billion in Q1 2024.

It said on a quarter-on-quarter basis, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the highest growth rate with 330.42 per cent.

The report said this was followed by administrative and support service activities with 33.18 per cent.

“On the other hand, activities of manufacturing had the lowest growth rate with –70.24 per cent, followed by electricity, gas, steam and air conditioning supply with –69.14 per cent.”

In terms of sectoral contributions, the report showed that the top three largest shares in Q1 2024 were mining and quarrying with 20.94 per cent.

“This was followed by financial and insurance activities with 18.73 per cent and information and communication with 12.56 per cent.”

It said on the other hand, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.02 per cent.

“This was followed by water supply, sewerage, waste management, and remediation activities with 0.07 per cent and activities of extraterritorial organisations and bodies with 0.24 per cent.”

The report, however, said, on a year-on-year basis, CIT collections in Q1 2024 increased by 109.93 per cent from Q1 2023.

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