Abdulwahab Isa Nigeria realized N1.20 trillion from Value Added Tax (VAT) for Q4 2023, representing a growth rate of 26.61% on a quarter-on-quarter basis from N948.07 billion in Q3 2023, National Bureau of Statistics (NBS) VAT data released on Thursday showed.
On a year-on-year basis, VAT collections in Q4 2023 increased by 72.12% from Q4 2022.
Of the amount collected, local payments recorded N630.00 billion, Foreign VAT Payments N326.27 billion, while import VAT contributed N244.04 billion in Q4 2023.
On a quarter-on-quarter basis, agriculture, mining and quarrying recorded the highest growth rate with 63.75%, followed by the other services activities with 61.98%.
NBS data showed activities of extraterritorial organisations and bodies activities had the lowest growth rate with –19.44%, followed by financial and insurance with –8.46%.
In terms of sectoral contributions, the top three largest shares in Q4 2023 were manufacturing with 13.24%, information and communication with 10.02% and mining and quarrying with 7.91%.
In a related development, Company Income Tax( CIT) collection in Q4 2023 was N1.13 trillion, indicating a growth rate of –35.40% on a quarter-on-quarter basis from N1.75 trillion in Q3 2023.
Local payments received were N533.93 billion, while Foreign CIT Payment contributed N596.10 billion in Q4 2023. On a quarter-on-quarter basis electricity, gas, steam and air conditioning supply recorded the highest growth rate with 79.65%, followed by construction with 57.86%.
On the other hand, activities of Information and communication –69.44, Public administration and defence, and compulsory social security –23.75 had the lowest growth rate.
In terms of sectoral contributions, the top three largest shares in Q4 2024 were Manufacturing 12.84%, Financial and insurance activities 6.25%, and Mining and quarrying 5.90%.
Nevertheless, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use 0.00%, Water supply, sewerage, waste management and remediation activities 0.02%, and Activities of extraterritorial organizations and bodies 0.07%.
