Nigeria generated N2.9tn from VAT, CIT in 2020


Nigeria generated N2.9tn from VAT, CIT in 2020

Nigeria generated N2.94 trillion in income from value-added tax (VAT) and company income tax (CIT) in the year 2020, data released by the National Bureau of Statistics (NBS), has revealed.


The figure is about 10 per cent higher than the N2.68 billion recorded in 2019.


The breakdown shows that the third quarter (Q3) recorded the largest performance with a total of N840.7 billion while N620 billion, the least quarterly performance, was recorded in Q1.


VAT accounted for N1.53 trillion or 52 per cent of the total figure, while N1.41 trillion was sourced from CIT.


The CIT income generated in 2020 is 13.5 per cent short of the N1.63 trillion generated from the same source in 2019.


The 2020 CIT income was distributed accordingly: local companies (N750.5 billion), foreign CIT payment (N380.8 billion), and others (N238.1 billion.


According to Guardian, professional services (including telecoms) and banks/other financial institutions led last year’s CIT revenue drive…

Source: Linda Ikeji