By Elizabeth Adegbesan
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.
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.
According to the NBS, CIT fell to N1.37 trillion in Q1’26 from N1.98 trillion in Q1’25.
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.
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.
“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.”
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.
“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.
“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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