Federal Gov’t Rakes In N2.33trn From VAT, CIT: Sees Decline in Tax Income

The federal government has reported a total revenue of N2.33 trillion from Value Added Tax (VAT) and Company Income Tax (CIT) in the last quarter of 2023, indicating a decline from the previous quarter’s income of N2.73 trillion.
The National Bureau of Statistics (NBS) attributes the decrease to a 35.4% depreciation in CIT, despite a 26.61% growth in VAT income. Sectoral contributions reveal manufacturing, information and communication, and mining and quarrying as the top three contributors to tax revenue.
However, challenges such as oil theft and delayed prosecution of suspects persist, highlighting the need for continued efforts to improve revenue collection and combat economic crimes.

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