Revenue from VAT, CIT falls 6% to N3.79trn in Q1’26

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By Elizabeth Adegbesan

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Revenue generated from Value Added Tax, VAT, and Company Income Tax, CIT, fell year-on-year (YoY) by 6.2 percent to N3.79 trillion in the first quarter of 2026 (Q1’26) from N4.04 trillion in Q1’25.

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The National Bureau of Statistics, NBS, disclosed this in its report on VAT and CIT for Q1’26 , which showed that the decline in revenue was driven by a 3.08 percent YoY fall in CIT during the period.

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According to the NBS, CIT fell to N1.37 trillion in Q1’26 from N1.98 trillion in Q1’25.

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However, VAT grew by 19.8 percent YoY to N2.42 trillion YoY from N2.02 trillion in Q1’25. Similarly, VAT increased by 9.98 percent quarter-on-quarter, QoQ from N2.20 trillion in Q4’25.

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The report said: “Of the total VAT collected, local payments stood at N1.11 trillion, Foreign VAT payments were N830.47 billion, while import VAT contributed N477.55 billion during the quarter.

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“In terms of sectoral shares, the activities with the largest shares in Q1 2026 were Manufacturing with 29.75 percent; Information and communication with 20.61 per cent; and Mining and quarrying with 12.32 percent.”

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The NBS also stated that of the total CIT collected, domestic CIT contributed N538.91 billion, while Foreign CIT payment accounted for N828.82 billion during the quarter.

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“In terms of sectoral shares, the activities with the largest shares in Q1 2026 were Financial and insurance activities with 24.73 percent; Mining and quarrying with 16.06 percent and Manufacturing with 13.82 percent.

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“Conversely, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01 percent, followed by Activities of extraterritorial organizations and bodies with 0.13 percent; and Water supply, sewerage, waste management and remediation activities with 0.38 percent,” it said.

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