Nigeria records N697bn as VAT in Q4 with 11% increase – NBS
By Felicia Nwosu
The National Bureau of Statistics (NBS) announced that Nigeria generated N697.38 billion as the aggregate revenue from value-added tax (VAT) in the fourth quarter (Q4) of 2022. It stated that there is a positive difference between Q3 2022 and Q4 2022 respectively.
The report showed that the figure represents an increase of N71.99 billion compared to the N625.39 billion recorded in the Q3 2022.
According to NBS’ recent published report, the VAT collection figure for Q4 2022 rose by 11.51 percent on a quarter-on-quarter basis, while VAT collections for the period under review increased by 23.71 percent from Q4 2021.
Following the bureau’s released statistics, there is an indication that local payments recorded N408.12 billion. On the other hand, foreign VAT payments contributed N159.83 billion; N129.43 billion came from import VAT in Q4 2022.
In the same vein, the quarter under review, according to NBS, arts, entertainment, and recreation activities recorded the highest growth rate at 43.82 percent; followed by human health and social work activities with 35.82 percent.
“On the other hand, agriculture, forestry and fishing had the lowest growth rate with 30.12 percent, followed by activities of extraterritorial organisations and bodies with 19.81 percent. In terms of sectoral contributions, the top three largest shares in Q4 2022 were manufacturing with 32.17 percent, information and communication with 18.05 percent, and public administration and defence, compulsory social security with 9.87 percent. 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 percent.”
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