The National Bureau of Statistics (NBS) has reported that on the aggregate, Nigeria’s Value Added Tax (VAT) collections for Q4 2022 increased to N697.38 billion, representing a growth rate of 11.51% on a quarter-on-quarter basis from N625.39 billion in Q3 2022.
The statistics agency, in its just published report titled ‘Value Added Tax (VAT) Q4 2022’ indicated, however, that on a year-on-year basis, the VAT collections in Q4 2022 increased by 23.71% from the revenue generated from the source in the corresponding quarter of 2021.
The VAT figures showed that when assessed based on payments categories, local payments totalled N408.12 billion, foreign VAT payments were N159.83 billion, while import VAT contributed N129.43 billion in the quarter under review.
The NBS reported that on quarter-on-quarter contributions based on activities, the Arts, Entertainment, and Recreation activities recorded the highest growth rate with 43.82%, followed by Human health and social work activities with 35.82% while Agriculture, forestry and fishing recorded the lowest growth rate with –30.12%, followed by activities of Extraterritorial organizations and bodies with –19.81%.
According to the report, in terms of sectoral contributions, the top three largest shares in Q4 2022 were recorded in Manufacturing with 32.17%; Information and Communication with 18.05%; and Public administration and defence, compulsory social security with 9.87%.
The VAT data also reflected that conversely, Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01%, followed by Activities of extraterritorial organizations and bodies with 0.05%; and Water supply, sewerage, waste management, and remediation activities with 0.07%.
