March 15, 2023.
The National Bureau of Statistics recently reported that Nigeria generated an aggregate of N697.38 billion as Value Added Tax (VAT) in Q4 2022. This shows a growth rate of 11.51% on a quarter-on-quarter basis from N625.39 billion in Q3 2022. Local payments recorded were N408.12 billion.
Foreign VAT Payments were N159.83 billion, while import VAT contributed N129.43 billion in Q4 2022. On a quarter-on-quarter basis, the Arts, entertainment, and recreation activities recorded the highest growth rate with 43.82%, followed by Human health and social work activities with 35.82%. On the other hand, Agriculture, forestry and fishing had the lowest growth rate with –30.12%, followed by Activities of extraterritorial organizations and bodies with –19.81%.
In terms of sectoral contributions, the top three largest shares in Q4 2022 were Manufacturing with 32.17%; Information and communication with 18.05%; and Public administration and defence, compulsory social security with 9.87%.
Conversely, Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01%, followed by Activities of extraterritorial organizations and bodies with 0.05%; and Water supply, sewerage, waste management, and remediation activities with 0.07%.
However, on a year-on-year basis, VAT collections in Q4 2022 increased by 23.71% from Q4 2021. (www.naija247news.com).