Nigeria records ₦948.07 billion VAT in Q3 2023 - NBS

News Agency Of Nigeria

December 11, 2023 12:13 PM

The report shows a growth rate of 21.34% on a quarter-on-quarter basis from ₦781.35 billion in Q2 2023.

National Bureau of Statistics (NBS) [Wikipedia]

The National Bureau of Statistics (NBS), said the aggregate Value Added Tax (VAT) stood at ₦948.07 billion in Q3 2023.

This is according to the VAT Q3 2023 Report released in Abuja on Monday. The report shows a growth rate of 21.34% on a quarter-on-quarter basis from ₦781.35 billion in Q2 2023.

It said local payments recorded were ₦522.08 billion, while foreign VAT payments contributed ₦204.58 billion, and import VAT contributed ₦221.41 billion in Q3 2023. The report said on a quarter-on-quarter basis, agriculture, forestry and fishing recorded the highest growth rate with 91.87%.

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

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

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

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

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

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

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

News Agency Of Nigeria