Nigeria Generates N697.38bn VAT Income in Q4– NBS

Nigeria ramped up N697.38 billion as value-added tax income in the fourth quarter of the fiscal year 2022, the National Bureau of Statistics (NBS) said in its latest release.

in its fourth quarter of 2022 VAT Report released in Abuja on Wednesday, the statistics office said the figure represents a growth rate of 11.51 per cent on a quarter-on-quarter basis from N625.39 billion in Q3 2022.

The report said 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.”

In terms of sectoral contributions, the report showed 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.

However, the report said that on a year-on-year basis, VAT collections in Q4 2022 increased by 21.71 per cent from Q4 2021. # Nigeria Generates N697.38bn VAT Income in Q4– NBS