The federal government collected a total of N2.33 trillion in tax revenue from Value Added Tax (VAT) and Company Income Tax (CIT) in the fourth quarter of 2023, a decrease from the N2.73 trillion collected in the previous quarter between July and September of the same year.<\/p>\n
This represents a significant 14.7% decrease in tax income compared to the third quarter. The decline was primarily attributed to a 35.4% drop in CIT quarter-on-quarter, despite a notable 26.61% growth in VAT income for the government.<\/p>\n
According to the latest data released by the National Bureau of Statistics (NBS), aggregate VAT for Q4 2023 stood at N1.20 trillion, compared to N948.07 billion recorded in Q3 2023. Notably, local payments accounted for N630.00 billion, while foreign VAT payments contributed N326.27 billion, with import VAT adding N244.04 billion in Q4 2023.<\/p>\n
Analyzing quarter-on-quarter growth rates, agriculture, mining, and quarrying sectors showed the highest increase, with growth rates of 63.75% and 61.98% respectively. Conversely, activities of extraterritorial organizations and bodies recorded the lowest growth rate at -19.44%, followed by financial and insurance activities at -8.46%.<\/p>\n
In terms of sectoral contributions, manufacturing, information and communication, and mining and quarrying sectors held the top three largest shares in Q4 2023. Conversely, undifferentiated goods and services-producing activities of households for own use recorded the least share, followed by activities of extraterritorial organizations and bodies, water supply, sewerage, waste management and remediation activities, and real estate activities.<\/p>\n
Despite the quarterly decline, VAT collections in Q4 2023 increased by a significant 72.12% compared to Q4 2022.<\/p>\n
Additionally, Company Income Tax (CIT) recorded a total of N1.13 trillion in Q4 2023, indicating a quarter-on-quarter decline of 35.40% from N1.75 trillion in Q3 2023. Local payments received were N533.93 billion, while foreign CIT payments contributed N596.10 billion.<\/p>\n
Electricity, gas, steam, and air conditioning supply showed the highest growth rate quarter-on-quarter, followed by construction, while activities of Information and communication and Public administration and defense recorded the lowest growth rates.<\/p>\n","protected":false},"excerpt":{"rendered":"
The federal government collected a total of N2.33 trillion in tax revenue from Value Added Tax (VAT) and Company Income Tax (CIT) in the fourth quarter of 2023, a decrease from the N2.73 trillion collected in the previous quarter between July and September of the same year. This represents a significant 14.7% decrease in tax […]<\/p>\n","protected":false},"author":7,"featured_media":23416,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-23415","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/23415","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=23415"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/23415\/revisions"}],"predecessor-version":[{"id":23420,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/23415\/revisions\/23420"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/23416"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=23415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=23415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=23415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}