Nigeria records N1.20trn VAT in Q4 2023

The National Bureau of Statistics (NBS) says the aggregate Value Added Tax (VAT) stood at N1.20 trillion in Q4 2023.

The NBS disclosed this in the VAT Q4 2023 report released on Thursday, March 14, 2024.

The report showed a growth rate of 26.61 per cent on a quarter-on-quarter basis from N948.07 billion in Q3 2023.

The NBS said local payments recorded were N630.00 billion, while foreign VAT payments contributed N326.27 billion, and import VAT contributed N244.04 billion in Q4 2023.

It said on a quarter-on-quarter basis, agriculture, mining, and quarrying recorded the highest growth rate with 63.75 per cent.

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It stated: “This was followed by activities of other services organisations with 61.98 per cent.

“On the other hand, activities of extraterritorial organisations and bodies had the lowest growth rate with –19.44 per cent, followed by financial and insurance with –8.46 per cent.”

In terms of sectoral contributions, the NBS said top three largest shares in Q4 2023 were manufacturing with 13.24 per cent, information and communication with 10.02 per cent, and mining and quarrying with 7.91 per cent.

It added: “On the other hand, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00 per cent.

“This was followed by activities of extraterritorial organisations and bodies, and water supply, sewerage, waste management and remediation activities with 0.03 per cent.

“This was closely followed by activities of real estate with 0.07 per cent and agriculture, forestry and fishing activities with 0.10 per cent.”

The NBS, however, said on a year-on-year basis, VAT collections in Q4 2023 increased by 72.12 per cent from Q4 2022.

The Star