The Nigeria Value Added Tax and Business Income Tax revenues increased by 33% YoY to N4.92 trillion in 2022 from N3.68 trillion in 2021, or year over year.
The National Bureau of Statistics, NBS, examined VAT and CIT data for 2022 and found that CIT experienced a faster increase—45%—than VAT—during the study period. VAT experienced a growth of 24.5%.
Although the overall CIT collections increased by 45 percent to N2.42 trillion in 2022 from N1.67 trillion in 2021, the VAT revenue increased by 24.5% to N2.49 trillion in 2022 from N2 trillion in 2021.
However, the NBS fourth quarter 2022 (Q4’22) CIT and VAT figures, which were released today, revealed that CIT decreased quarter over quarter (QoQ), from N810.19 billion in Q3’22 to N763.88 billion in Q4’22, by 6.9 percent.
The report also stated that VAT grew to N697.38 billion in Q4’22 from N625.39 billion in Q3’22.