VAT Collections Surge 51.6% YoY To N948.07bn In Q3 2023

The National Bureau of Statistics (NBS) reported that Value Added Tax (VAT) collections in Q3 2023 soared by 51.6% year-on-year, reaching a total of N948.07 billion.

This significant increase indicates a strong rebound in economic activity and consumption despite ongoing global challenges.

This is according to the VAT Q3 2023 Report released in Abuja on Monday.

The report shows a growth rate of 21.34 per cent on a quarter-on-quarter basis from N781.35 billion in Q2 2023.

It said local payments recorded were N522.08 billion, while foreign VAT payments contributed N204.58 billion, and import VAT contributed N221.41 billion in Q3 2023.

The report said on a quarter-on-quarter basis, agriculture, forestry and fishing recorded the highest growth rate with 91.87 per cent.

“This was followed by activities of extraterritorial organisations and bodies with 80.25 per cent.”

“On the other hand, real estate had the lowest growth rate with –37.68 per cent , followed by construction with – 9.54 per cent.”

In terms of sectoral contributions, the report showed the top three largest shares in Q3 2023 were manufacturing with 26.51 per cent, information and communication with 19.04 per cent, and financial and insurance activities with 12.31 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 0.02 per cent.

“This was followed by water supply, sewerage, waste management, and remediation activities with 0.06 per cent.

“This was closely followed by activities of extraterritorial organisations and bodies with 0.10 per cent.”

The report, however, said on a year-on-year basis, VAT collections in Q3 2023 increased by 51.60 per cent from Q3 2022.

(NAN)