December 12, 2023/CSL Research Based on data released by the National Bureau of Statistics (NBS), the federal government generated a total of N2.70tn in Company Income Tax (CIT) and Value Added Tax (VAT) in Q3 2023. This is an increase of 87.89% and 16.65% on the N1.44tn and N2.31tn recorded […]
OPINION/EDITORIAL
VAT Revenue Increased by 21% QoQ in Q3 2023
December 12, 2023/FBNQuest Research The National Bureau of Statistics (NBS) most recent quarterly report on value-added-tax (VAT) shows that the federation’s collections from VAT increased by 21% q/q and 52% y/y to NGN948.1bn in Q3 ’23. Domestic (non-import) VAT was the largest contributor to the gross receipts, amounting to NGN522.1bn […]
Gross Official Reserves Declined by USD392m to N33bn in November 2023
December 11, 2023/FBNQuest Research According to the CBN’s most recent data on external reserves, Nigeria’s gross official reserves fell by –USD392m m/m to USD33.0bn in Nov ’23. The decline implies that the gross external reserves have depleted by c.USD4.1bn over the eleven months to Nov ’23, indicating an average monthly […]
