Taxation: VAT and CIT.

The National Bureau of Statistics (NBS) has in a statement on Wednesday said that the Federal Government generated over N2.8 trillion from both Value Added Tax and Company Income Tax in the first nine months of 2021. 

Why it matters?
As Nigeria recovers from the financial impact of Covid-19, a better structure in collections of value added tax and company income tax has shown a revenue growth rate of 52.93%, 56.56% and 17.84% in the first, second and third quarter of the year, respectively.

According to the National Bureau of Statistics (NBS) report, which it releases every year, the sectors with the highest collections in the first quarter are manufacturing companies, professional service companies and state ministries.

In the second quarter, manufacturing activity, professional services activity and commercial and trading activity were the largest collection sectors. 

While in the third quarter, manufacturing activity, information and communication and mining and quarrying accounted for the top sectors with the highest collections.

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