Learn about the crucial points and significant discussions surrounding the post 3 sectors contribute 56.3% of FG taxes in H1 2023 in the next sections.
The manufacturing sector remitted a sum of N606.7 billion as total taxes in the first half of 2023, surpassing the N451 billion paid in H1 2022 by 34.5% and the N495 billion paid in H2 2022 by 22.6%.
Nigeria’s manufacturing sector led the list of sectors with the highest tax remittance to the federal government between January and June 2023, with a total payment of N606.7 billion, followed by the ICT and the financial services sector.
The federal government of Nigeria through the Federal Inland Revenue Service (FIRS) generated a sum of N3.49 trillion through taxes from the Nigerian economy in the first half of 2023.
Compared to the corresponding period of 2022, the tax revenue, which is a combination of Value Added Tax (VAT) and Company Income Tax (CIT) increased by a whopping 42.2% from N2.45 trillion collected in H1 2022 and 20.9% higher in contrast from the N2.89 trillion recorded in H2 2022.
The tax revenue generated in the first half of the year represents 31.6% of the budgeted federal government revenue for the 2023 fiscal year (N11.05 trillion).
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