VAT and CIT revenue falls 6% to N3.79 trillion in Q1 2026

By Elizabeth Adegbesan

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

The National Bureau of Statistics (NBS) released this figure in its Q1’26 VAT and CIT report, noting that the decline was largely due to a 3.08 percent year‑on‑year drop in CIT.

CIT revenue was N1.37 trillion in Q1’26, down from N1.98 trillion in Q1’25.

VAT revenue, however, increased 19.8 percent year‑on‑year to N2.42 trillion, up from N2.02 trillion in Q1’25. It also rose 9.98 percent quarter‑on‑quarter from N2.20 trillion in Q4’25.

The report added: “Of the total VAT collected, local payments were N1.11 trillion, foreign VAT payments were N830.47 billion, and import VAT contributed N477.55 billion during the quarter.”

Sectoral shares for VAT in Q1’26 were: Manufacturing 29.75 percent; Information and communication 20.61 percent; and Mining and quarrying 12.32 percent.

For CIT, domestic contributions totaled N538.91 billion, while foreign payments accounted for N828.82 billion.

Sectoral shares for CIT in Q1’26 were: Financial and insurance activities 24.73 percent; Mining and quarrying 16.06 percent; and Manufacturing 13.82 percent.

Activities with the smallest shares were: households as employers, undifferentiated goods‑ and services‑producing activities of households for own use 0.01 percent; activities of extraterritorial organizations and bodies 0.13 percent; and water supply, sewerage, waste management and remediation activities 0.38 percent.

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