Nigeria generated N709bn VAT in Q1, 2023 — NBS

By Ibiyemi Mathew

According to statistics by the National Bureau of Statistics (NBS), the Federal Government in the first quarter of 2023, generated N709.59 billion as Value Added Tax (VAT).

In its “Sectoral Distribution of Value Added Tax” report for Q1 2023, released on Tuesday, the NBS revealed that out of the total amount generated, local payments stood at N436.10 billion, foreign VAT payments were N151.13 billion, while import VAT contributed N122.37 billion in Q1 2023.

The bureau revealed that the figure represents a growth rate of 1.75 per cent on a quarter-on-quarter basis from N697.38 billion in Q4 2022.

On a year-on-year basis, VAT collections in Q1 2023 increased by 20.56 per cent from Q1 2022 while activities of extraterritorial organisations and bodies had the lowest growth rate with 53.54 per cent, followed by real estate activities with –47.01 per cent.

The bureau noted that on a quarter-on-quarter basis, the activities of households recorded the highest growth rate at 349.86 per cent, followed by construction with 95.64 per cent.

Manufacturing with 29.65 per cent, information and communication with 19.29 per cent and mining & quarrying with 12.24 per cent emerged as the three largest sectors.

Conversely, it said activities of extraterritorial organisations and bodies recorded a minor share with 0.02 per cent, followed by activities of households as employers, undifferentiated goods and services-producing activities of households for own use with 0.03 per cent and water supply, sewerage, waste management, and remediation activities with 0.04 per cent.