The National Bureau of Statistics (NBS) reported on Friday that on the aggregate, Value Added Tax (VAT) collections in Nigeria increased to N1.20 trillion in the fourth quarter of 2023 (Q4 2023), showing a growth rate of 26.61% on a quarter-on-quarter basis from N948.07 billion raked in from the revenue source in Q3 2023.
In its ‘Value Added Tax (VAT) Q4 2023’ report, the statistics agency indicated that out of the VAT accruals in the quarter under review, local payments totalled N630.00 billion, Foreign VAT payments were N326.27 billion, while import VAT contributed N244.04 billion.
It noted that on a quarter-on-quarter basis, agriculture, mining and quarrying VAT recorded the highest growth rate with 63.75%, followed by the other services activities with 61.98%.
The Bureau reported, however, that on the other hand, activities of extraterritorial organisations and bodies activities had the lowest growth rate with –19.44%, followed by financial and insurance with –8.46% .
The VAT report further reflected that in terms of sectoral contributions, the top three largest shares in Q4 2023 were manufacturing with 13.24%, information and communication with 10.02% and mining and quarrying with 7.91%.
The statistics agency pointed out that nevertheless, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00%, followed by activities of extraterritorial organizations and bodies, and water supply, sewerage, waste management and remediation activities with 0.03% and real estate activities 0.07%, agriculture, forestry and fishing with 0.10%.
The Bureau, however, clarified that on a year-on-year basis, VAT collections in Q4 2023 increased by 72.12% from Q4 2022.
