Business
FG generated N709bn via VAT in Q1 2023 – NBS
FG generated N709bn via VAT in Q1 2023 – NBS
The Federal Government generated N709.59bn through Value Added Tax (VAT) in the first quarter of 2023, the National Bureau of Statistics (NBS) has said.
It stated this in its “Sectoral Distribution of Value Added Tax” report for Q1 2023, released Tuesday.
The figure, it said, represented a growth rate of 1.75 per cent on a quarter-on-quarter basis from N697.38bn in Q4 2022.
Out of the total amount generated, it said local payments stood at N436.10 billion, foreign VAT payments were N151.13 billion, while import VAT contributed N122.37 billion in Q1 2023.
The NBS said on a quarter-on-quarter basis, the activities of households recorded the highest growth rate at 349.86 per cent, followed by construction with 95.64 per cent.
FIRS
“On the other hand, activities of extraterritorial organisations and bodies had the lowest growth rate with –53.54 per cent, followed by real estate activities with –47.01 per cent,” the report said.
Regarding sectoral contributions, the report said the top three largest shares in Q1 2023 were manufacturing with 29.65 per cent, information and communication with 19.29 per cent and mining & quarrying with 12.24 per cent.
It said activities of extraterritorial organisations and bodies recorded a minor share with 0.02 per cent, followed by activities of households as employers, undifferentiated goods and services-producing activities of households for own use with 0.03 per cent and water supply, sewerage, waste management, and remediation activities with 0.04 per cent.
However, the NBS said that on a year-on-year basis, VAT collections in Q1 2023 increased by 20.56 per cent from Q1 2022.
CIT
In its Company Income Tax (CIT) data for Q1 2023, the NBS said the CIT in the first quarter of 2023 was reported at N469.01 billion.
It said the figure indicates a growth rate of -37.79 per cent on a quarter-on-quarter basis from N753.88 billion in Q4 2022.
It noted that local payments received were N300.78 billion, while foreign CIT payments contributed N168.23 billion in Q1 2023.
On a quarter-on-quarter basis, the bureau said the financial and insurance activities recorded the highest growth rate with 50.42 per cent, followed by construction with 42.32 per cent.
On the other hand, it said water supply, sewerage, waste management, and remediation activities had the lowest growth rate at – 69.38 per cent, followed by other service activities at -60.13 per cent.
Regarding sectoral contributions, the NBS said the top three largest shares in Q1 2023 were financial & insurance activities with 22.94 per cent, manufacturing with 20.91 per cent and information and communication with 11.89 per cent.
Conversely, it said the 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 water supply, sewerage, waste management and remediation activities with 0.04 per cent and activities of extraterritorial organisations and bodies with 0.12 per cent.
“However, on a year-on-year basis, CIT collections in Q1 2023 decreased by 14.96 per cent from Q1 2022,” it said.
![]()
Auto
Hyundai Unveils Mufasa, Grand Creta SUVs to Strengthen Nigeria Line-up (Updated)
Hyundai Unveils Mufasa, Grand Creta SUVs to Strengthen Nigeria Line-up (Updated)
Hyundai Motors Nigeria has expanded its sport utility vehicle (SUV) range with the introduction of the all-new Mufasa and Grand Creta, offering Nigerian motorists more choices in styling, performance, technology and passenger comfort.
The two models, unveiled in Lagos on Wednesday, are targeted at different customer segments, with the Mufasa designed for motorists seeking a stylish, five-seater SUV, while the Grand Creta offers a three-row, seven-seater configuration suited to larger families and customers requiring additional passenger space.
The launch underscores Hyundai’s efforts to strengthen its presence in Nigeria’s competitive automotive market, where demand for versatile vehicles that combine comfort, safety, performance and practicality continues to shape consumer preferences.
Speaking at the launch, Hyundai Motors Nigeria’s General Manager, Sales and Marketing, Mr Gaurav Vashisht, said the new models reflected the company’s commitment to providing vehicles that meet the changing needs of Nigerian customers.
“The SUV segment continues to attract strong interest in Nigeria, as customers increasingly prioritise comfort, safety, technology and versatility,” Vashisht said.
He also gave a rundown of the two new vehicles’ features even as he stated that the Mufasa and Grand Creta were designed to meet different lifestyle requirements while maintaining Hyundai’s global standards of quality and innovation.
Mufasa targets style-conscious motorists
The Hyundai Mufasa combines bold exterior styling with a spacious cabin and features designed for everyday driving. Its distinctive front grille, signature LED lighting and muscular bodywork give it a commanding road presence.
Power comes from a 2.0-litre Smartstream multipoint fuel injection (MPi) petrol engine paired with a six-speed automatic transmission. Depending on the market specification, the engine produces approximately 150–160 horsepower and 193Nm of torque.
The five-seater SUV measures about 4,475mm in length, with a 2,680mm wheelbase, providing room for passengers and luggage while retaining a practical footprint for urban driving and longer journeys.
Its cabin features a modern dashboard, digital displays and storage spaces, while available equipment, depending on the variant, includes touchscreen infotainment, smartphone connectivity, automatic climate control, wireless charging and selectable driving modes.
Safety and driver-support features include anti-lock braking, electronic stability control, airbags and parking assistance, subject to the vehicle specification.
The Mufasa is positioned as an option for professionals, younger motorists and families seeking a combination of contemporary design, technology and everyday usability.
Grand Creta offers seven-seat flexibility
The Grand Creta complements the Mufasa with a larger cabin and seating for up to seven occupants, making it suitable for families and motorists who prioritise passenger capacity and interior flexibility.
The SUV is powered by an available 2.0-litre Smartstream petrol engine producing approximately 159 horsepower and 191Nm of torque. A six-speed automatic transmission is offered on automatic variant.
Its 2,760mm wheelbase supports a spacious three-row layout, while the flexible seating arrangement allows occupants to adjust the cabin to accommodate passengers or luggage.
Depending on the trim, convenience features include an eight-inch touchscreen infotainment system with smartphone connectivity, rear air-conditioning vents, keyless entry, push-button start and a digital instrument cluster.
Higher-specification versions may also feature leather-appointed seats, ventilated front seats, automatic climate control, wireless charging and a panoramic sunroof.
Safety equipment offered across the range includes six airbags, anti-lock braking, electronic stability control, hill-start assist, rear parking sensors, a rear-view camera and ISOFIX child-seat mounting points.
The model is aimed particularly at larger families seeking additional space and comfort without sacrificing the styling and versatility associated with SUVs.
After-sales support in focus
Beyond the new models, Hyundai Motors Nigeria says it is focused on delivering a comprehensive ownership experience through its authorised dealership network, after-sales services and access to genuine spare parts.
Vashisht said the Mufasa would appeal to customers seeking bold styling, modern technology and dynamic performance, while the Grand Creta would cater to those requiring greater passenger capacity, comfort and versatility.
“Our objective is not simply to introduce new vehicles but to deliver a complete ownership experience,” he said, reaffirming the company’s commitment to building long-term customer confidence in the Hyundai brand.
The two additions expand Hyundai’s existing SUV portfolio, which includes the Creta, Tucson, Santa Fe and Palisade.
Their introduction comes as automakers compete to attract Nigerian buyers with vehicles offering a balance of comfort, safety, technology, performance and long-term ownership value.
With the Mufasa and Grand Creta, Hyundai is seeking to broaden its appeal across different customer categories while strengthening its position in Nigeria’s increasingly competitive SUV market.

![]()
Auto
Happening now: Hyundai unveiling of Mufasa and Grand Creta
Happening now: Hyundai unveiling of Mufasa and Grand Creta (photos)

Two latest models of Hyundai auto brands are currently being officially rolled out in Lagos. The new vehicles are Mufasa and Grand Creta.
The unveiling is taking place at the Hyundai showroom on Akin Adesola Street Victoria Island, Lagos.


![]()
Auto
No 5% Petrol Tax Plan, Oyedele Says, Amid Public Concerns
No 5% Petrol Tax Plan, Oyedele Says, Amid Public Concerns
The Federal Government has no plan to introduce a new tax on petrol, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said, dismissing reports that the administration of President Bola Tinubu intends to impose a five per cent levy on petroleum products.
Oyedele clarified the issue in a statement posted on his X account on Tuesday, insisting that a fuel tax was not being considered by the government.
“In my interview with ARISE News, I was clear: a fuel tax is not on the table,” he said.
His statement follows reports linking him to the proposed five per cent tax, which sparked concerns about a possible increase in the cost of petrol amid Nigeria’s persistent cost-of-living crisis.
Petrol prices have remained a major driver of transportation and distribution costs since the removal of the fuel subsidy, contributing to higher prices of food and other essential goods and services.
The prospect of an additional levy had raised fears that households and businesses could face further financial pressure.
However, Oyedele’s clarification indicates that the Federal Government is not currently considering the proposed fuel tax, amid broader efforts to reform Nigeria’s tax system and strengthen public finances.
![]()
-
metro3 days agoAtiku: US Lobbying Firm Raises Alarm Over Alleged Assassination Plot
-
metro3 days ago‘We Don’t Know What Else to Do’ — Mother Begs for Release of Abducted Children
-
metro3 days agoFive Arraigned Over Kidnapping of 20 Prospective NYSC Members in Imo
-
Auto3 days agoBeyond the Showroom: Why After-Sales Service Will Define Auto Industry Winners
-
Auto2 days agoHyundai Unveils Mufasa, Grand Creta SUVs to Strengthen Nigeria Line-up (Updated)
-
Auto3 days agoHappening now: Hyundai unveiling of Mufasa and Grand Creta
-
Education2 days agoNELFUND Warns Schools: Student Loans Are Voluntary, Not Compulsory
-
Auto3 days agoNo 5% Petrol Tax Plan, Oyedele Says, Amid Public Concerns
