By Elizabeth Adegbesan
Revenue from Value Added Tax (VAT) and Company Income Tax, CIT, fell quarter on quarter (QoQ) by 18.6 percent to N1.18 trillion in the first quarter of 2023 (Q1’23) from N1.45 trillion in Q4’22.
National Bureau of Statistics disclosed this in its VAT report for Q1’23, which showed that VAT revenue stood at N709.59 billion, rising QoQ by 1.75 percent from N697.38 billion in Q4 ’22.
The NBS said: “On the aggregate, VAT for Q1’23 was reported at N709.59 billion, showing a growth rate of 1.75 percent on a QoQ basis from N697.38 billion in Q4’22.
“Local payments recorded were N436.10 billion, Foreign VAT payments were N151.13 billion, while import VAT contributed N122.37 billion in Q1’23.
“On a QoQ basis, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the highest growth rate with 349.86 percent, followed by construction with 95.64 percent.
“In terms of sectoral contributions, the top three largest shares in Q1’23 were manufacturing with 29.6 percent; information and communication with 19.29 percent; and mining & quarrying with 12.2 percent.
“However, on a year-on-year basis, VAT collections in Q1’23 increased by 20.6 per cent from Q1’22.”
However, in its CIT report for Q1’23 NBS, said, CIT fell QoQ by 37.8 percent to N469.01 billion from N753.88 billion in Q4’22.
NBS said:”On the aggregate, CIT for Q1’23 was reported at N469.01 billion, indicating a growth rate of -37.7 percent on a QoQ basis from N753.88 billion in Q4’22.
“Local payments received were N300.78 billion, while Foreign CIT Payment contributed N168.23 billion in Q1’23.
“On a QoQ basis, the financial and insurance activities recorded the highest growth rate with 50.42 percent, followed by construction with 42.32 percent.
“In terms of sectoral contributions, the top three largest shares in Q1′ 23 were financial & insurance activities with 22.94 percent; manufacturing with 20.91 percent; and information and communication with 11.8 percent.
“However, on a year-on-year basis, CIT collections in Q1’23 decreased by 14.9 percent from Q1’22.”
Rail transport revenue falls 33% to N768.4m
*As number of passenger falls 67%
Revenue generated from rail transport fell quarter-on-quarter (QoQ) by 33 percent to N768.4 million in the first quarter of 2023 (Q1’23) from N1.15 billion in Q4’22.
The National Bureau of Statistics, NBS, disclosed this in its Rail Transport report for Q1’23 saying that the number of passengers of rail transport fell QoQ by 67 percent to 441,725 in Q1’23 from 1.34 million in Q4’22.
Similarly, the number of passengers who travelled through the rail system and revenue generated from passengers fell year -on-year, YoY, in the review period.
The NBS said:”The rail transportation data for Q1 2023 showed that a total of 441,725 passengers travelled via the rail system in Q1 2023, lower than the 953,099 reported in the corresponding quarter of 2022, representing a growth rate of -53.6 percent.
In addition, 59,966 tons of goods were transported in Q1’23, compared to 39,379 tons reported in Q1’22.
“In terms of revenue generation, N768.44 million was received from passengers over the period, lower by 63.02 percent relative to N2.08 billion in the same quarter of the previous year.
“Similarly, N181.27 million was collected in Q1 2023 as revenue from goods/cargos, up by 99.2 per cent from N90.96 million received in Q1’22.
“In addition, other receipts amounted to N34.17 million, indicating a decline of 41.02 percent in Q1’23, from the N57.92 million collected in Q1’22.”
Source: Vanguard