Economy
VAT Rises 14.2% to N1.78trn as CIT Slumps 28.2% to N1.77trn in Q3 2024
By Adedapo Adesanya
Value Added Tax (VAT) payments made in Nigeria rose by 14.2 per cent in the third quarter (Q3) of 2024 to N1.78 trillion from the N1.56 trillion recorded in the second quarter (Q2) of 2024, according to the National Bureau of Statistics (NBS).
VAT is a consumption tax levied on goods and services, usually at each stage of production or distribution where value is added. In Nigeria, VAT is currently at 7.5 per cent as amended in the Finance Act of 2019.
A breakdown showed that local payments recorded were N922.87 billion, Foreign VAT Payments were N448.85 billion, while import VAT contributed N410.62 billion in Q3 2024.
However, on a year-on-year basis, VAT collections in Q3 2024 increased by 88 per cent from Q3 2023
On a quarter-on-quarter basis, human health and social work activities recorded the highest growth rate with 250.4 per cent, followed by the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with 102.1 per cent.
On the other hand, water supply, sewerage, waste management and remediation activities had the lowest growth rate with a negative 41.9 per cent drop, followed by activities of extraterritorial organizations and bodies with 36.1 per cent.
In terms of sectoral contributions, the top three largest shares in Q3 2024 were manufacturing with 22.2 per cent; information and communication with 20.9 per cent; and mining & quarrying activities with 18.9 per cent.
Nevertheless, the NBS data showed that activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01 per cent, followed by activities of extraterritorial organizations and bodies with 0.01 per cent and water supply, sewerage, waste management, and remediation activities with 0.03 per cent.
In a related development, Company Income Tax (CIT) for the quarter under review was reported at N1.77 trillion, indicating a slump of 28.2 per cent on a quarter-on-quarter basis from N2.47 trillion in Q2 2024. However, on a year-on-year basis, CIT collections in Q3 2024 increased by 1.37% from Q3 2023.
CIT refers to taxes imposed on the profit of companies domiciled in the country. It is charged on net profit after other expenses and deductions have been removed from the revenue.
Local payments received in Q3 were N920.91 billion, while Foreign CIT Payment contributed N852.29 billion in Q3 2024.
On a quarter-on-quarter basis, electricity, gas, steam and air conditioning supply recorded the highest growth rate with 47.5 per cent, followed by public administration and defence and compulsory social security with 19.3 per cent.
On the other hand, accommodation and food service activities had the lowest growth rate as it receded by 73.3 per cent, followed by financial and insurance activities with a 70.0 per cent slide.
In terms of sectoral contributions, the top three largest shares in Q3 2024 were manufacturing with 25.5 per cent, followed by mining and quarrying with 18.4 per cent; and information and communication with 15.1 per cent.
Nevertheless, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.004 per cent, followed by water supply, sewerage, waste management, and remediation activities with 0.03 per cent and Activities of extraterritorial organizations and bodies with 0.08 per cent.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn