Manufacturing Sector Remits N606b, Tops Tax Revenue Contributions In H1’23

Manufacturing Sector Remits N606b, Tops Tax Revenue Contributions In H1’23

The manufacturing sector has sustained its lead position in contribution to Nigeria’s tax revenue in the first half of 2023 (H1’23) with a remittance of N606.7 billion.

The tax remitted by the sector represented 17.4 percent of the total Federal Government tax revenue of N3.49 trillion during the period.

A breakdown of the data obtained from the National Bureau of Statistics (NBS) showed that the manufacturing sector remitted N325.6 billion under company income tax (CIT) while N281.1 billion was remitted under value-added tax (VAT) during the period.

The total taxes collected by the government through the Federal Inland Revenue Service (FIRS) under CIT between January and June 2023 was N2 trillion, while the total taxes under VAT was N1.49 trillion.

The remittance by the manufacturing sector was followed by Information, Communications and Technology (ICT) and the financial services sectors.

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