The National Bureau of Statistics (NBS) on Friday reported that accruals to the federation accounts from Value Added Tax (VAT) last year totaled N2.07 trillion, representing 33 percent year-on-year (YoY) increase in value when compared with the N1.55 trillion generated in 2020.
The federal statistical data coordinating agency in its ‘Sectoral Distribution of VAT Report for Q4 ’21’ indicated that on a quarter-on-quarter analysis, the VAT collections in Q1 2021 stood at N512.2 billion compared to the N496 billion collected in Q2, representing 3.16 percent decline.
According to the report, in Q3, VAT rose by 0.88 per cent to N500.4 billion and up by 12.6 per cent to N563.7 billion in the fourth quarter of the year.
The NBS further reported: ”On the aggregate, VAT for Q4’ 21 was reported at N563.72 billion, a growth of 12.63 per cent on a quarter-on-quarter (QoQ) basis from N500.49 billion in Q3 ’21.
“Local payments recorded were N333.29 billion in Q4’ 21, while Foreign VAT Payment contributed N103.52 billion.
“On a Q-o-Q basis, the activities of extraterritorial organizations and bodies recorded the highest growth rate with 150.16 per cent, followed by agriculture, forestry and fishing with 92.48 per cent .
“On the other hand, arts, entertainment and recreation had the lowest growth rate with -7.07 per cent, followed by education with -5.69 per cent.
“In terms of sectoral contributions, the top three largest shares in Q4’ 21 were manufacturing with 30.86 per cent; information and communication with 18.72 per cent and mining and quarrying with 9.91 per cent.
“Conversely, the activities of extraterritorial organizations and bodies recorded the least 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 0.04 per cent; and water supply, sewerage, waste management and remediation activities with 0.11 per cent”, the agency added.
However, it noted that on a Y-o-Y basis, VAT collections in Q4 2021 increased by 23.98 percent when compared with the total collections in the corresponding quarter of the preceding year (2020).
