Telcos pay N148bn tax in 9 months

NCC in strategic deals to hasten telecoms infrastructure deployment

Companies operating in the telecommunications sector such as MTN, Airtel, Globacom, 9mobile and others paid a total of N148 billion as income tax in the first three quarters of 2020. This was revealed in the Company Income Tax (CIT) report by the National Bureau of Statistics (NBS). The amount, which also included tax paid by professional services, represented the largest paid by any sector in the period under review. According to the NBS report, the company income tax from telecoms and professional services represented 23.5 per cent of the total…

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Nigeria rakes in N1.08trn VAT in 9 months

Value Added Tax

Nigeria’s total Value Added Tax (VAT) generated so far in 2020 has hit N1.08 trillion within nine months, the Nigerian Bureau of Statistic (NBS) has revealed. The figure is a 22.87 per cent increase over the amount (N876.1 billion) recorded for the same period in 2019 on a year to date (YTD) comparison and a 54.4 per cent growth rate year on year when compared with the same period of 2019. According to the data for the nine-month period of 2020, a total VAT of N424.71 billion was generated during…

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At N1.26trn, Chinese products top Nigeria’s imported goods list – NBS

At N1.26trn, Chinese products top Nigeria’s imported goods list – NBS

A total of 31.41 per cent of goods imported into Nigeria are from China, National Bureau of Statistics (NBS) has revealed. The NBS stated in its report on ‘Foreign trade in goods statistics’ for second quarter of 2020, that Spain topped the list of Nigeria’s exported goods. Part of the report read, “Nigeria’s imports, by country of origin, shows goods were imported mainly from China (N1.26tn or 31.41 per cent), United States (N428.9bn or 10.66 per cent), India (N322.3bn or 8.01 per cent), and the Netherlands (N202.9bn or 5.04 per…

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