Nigeria records N948.07bn VAT in Q3 2023 – NBS

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The National Bureau of Statistics said the aggregate Value Added Tax stood at N948.07b in Q3 of 2023.

This is according to the VAT Q3 2023 Report released in Abuja on Monday.

The report shows a growth rate of 21.34 per cent on a quarter-on-quarter basis from N781.35b in Q2 2023.

It said local payments recorded were N522.08b, while foreign VAT payments contributed N204.58b and import VAT contributed N221.41b in Q3 2023.

On a quarter-on-quarter basis, agriculture, forestry, and fishing recorded the highest growth rate at 91.87 per cent.

“This was followed by activities of extraterritorial organisations and bodies with 80.25 per cent.”

“On the other hand, real estate had the lowest growth rate with -37.68 per cent, followed by construction with -9.54 per cent.”

In terms of sectoral contributions, the report showed the top three largest shares in Q3 2023 were manufacturing with 26.51 per cent, information and communication with 19.04 per cent, and financial and insurance activities with 12.31 per cent.

“On the other hand, activities of households as employers and undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.02 per cent.

“This was followed by water supply, sewerage, waste management, and remediation activities with 0.06 per cent.

“This was closely followed by activities of extraterritorial organisations and bodies with 0.10 per cent.”

The report, however, said that on a year-on-year basis, VAT collections in Q3 2023 increased by 51.60 per cent from Q3 2022.

Source: NAN and the Punch

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