NBS: Nigeria rakes in N697.38bn from VAT in 2022

The National Bureau of Statistics (NBS) says the aggregate Value Added Tax (VAT) stood at N697.38 billion in Q4 2022.

The NBS made this known via the VAT Q4 2022 Report released in Abuja on Wednesday.

The report shows a growth rate of 11.51 per cent on a quarter-on-quarter basis from N625.39 billion in Q3 2022.

The NBS stated the local payments recorded were N408.12 billion, while foreign VAT payments contributed N159.83 billion, and import VAT contributed N129.43 billion in Q4 2022.

It said on a quarter-on-quarter basis, the arts, entertainment, and recreation activities recorded the highest growth rate with 43.82 per cent, followed by human health and social work activities with 35.82 per cent.

“On the other hand, agriculture, forestry and fishing had the lowest growth rate with 30.12 per cent, followed by activities of extra-territorial organisations and bodies with 19.81 per cent,” it noted.

In terms of sectoral contributions, the NBS said the top three largest shares in Q4 2022 were manufacturing with 32.17 per cent, information, and communication with 18.05 per cent and public administration and defence, compulsory social security with 9.87 per cent.

“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 0.01 per cent.

“This was followed by activities of extra-territorial organisations and bodies with 0.05 per cent, and Water supply, sewerage, waste management and remediation activities with 0.07 per cent,” it added.

The NBS, however, said on a year-on-year basis, VAT collections in Q4 2022 increased by 21.71 per cent from Q4 2021.

The Star