CIT dips by 35.40%, VAT grows by 26.61% in Q4 2024 – NBS

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Nigeria’s aggregate Company Income Tax for the fourth quarter (Q4) 2023 stood at N1.13 trillion, translating to a declining growth of –35.40% on a quarter-on-quarter basis from N1.75 trillion in Q3 2023.

This was contained in the latest CIT report posted by the National Bureau of Statistics which further explained that 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 percent, followed by construction with 57.86 percent. On the other hand, activities of Information and communication, recorded a decline of –69.44 percent, and Public administration and defence, and compulsory social security were down by –23.75 percent indicating the lowest growth rate.

The report stated that in terms of sectoral contributions, the top three largest shares in Q4 2024 were Manufacturing at 12.84 percent, Financial and insurance activities at 6.25 percent, and Mining and quarrying at 5.90 percent.

However, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use 0.00 percent, Water supply, sewerage, waste management and remediation activities 0.02 percent, and activities of extraterritorial organizations and bodies 0.07 percent.
In another report, the NBS said the aggregate Value Added Tax (VAT) for Q4 2023 grew by 26.61 percent to N1.20 trillion 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 percent, followed by the other services activities with 61.98 percent. On the other hand, activities of extraterritorial organisations and bodies activities had the lowest growth rate declining by –19.44 percent, followed by financial and insurance with –8.46 percent.

In terms of sectoral contributions, the top three largest shares in Q4 2023 were manufacturing with 13.24 percent, information and communication with 10.02% and mining and quarrying with 7.91 percent.

Nevertheless, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00 percent, followed by activities of extraterritorial organizations and bodies, and water supply, sewerage, waste management and remediation activities with 0.03 percent and real estate activities with 0.07 percent, agriculture, forestry and fishing with 0.10 percent.

However, on a year-on-year basis, VAT collections in Q4 2023 increased by 72.12 percent from Q4 2022.