The Value Added Tax (VAT), on the aggregate for the fourth quarter of 2023 stood at N1.20 trillion, representing a growth rate of 26.61 per cent on a quarter-on-quarter basis from N948.07 billion in the third quarter of last year.
The recent report from National Bureau of Statistics (NBS) said that local payments recorded N630.00 billion, Foreign VAT payments were N326.27 billion, while import VAT contributed N244.04 billion in 2023.
The NBS report, however, shows that on a quarter-on-quarter basis, agriculture, mining and quarrying recorded the highest growth rate with 63.75 per cent, followed by the other services activities with 61.98 per cent.
On the other hand, activities of extraterritorial organisations and bodies activities had the lowest growth rate with –19.44 per cent, followed by financial and insurance with –8.46 per cent.
In terms of sectoral contributions, the top three largest shares in fourth quarter 2023 were manufacturing with 13.24 per cent, information and communication with 10.02 per cent and mining and quarrying with 7.91 per cent.
Nevertheless, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00 per cent, followed by activities of extraterritorial organizations and bodies, and water supply, sewerage, waste management and remediation activities with 0.03 per cent and real estate activities 0.07 per cent, agriculture, forestry and fishing with 0.10 per cent.
However, on a year-on-year basis, VAT collections in the fourth quarter of 2023 increased by 72.12% from Q4 2022.
