FG generated N948.07bn from VAT in Q3 2023 – NBS

Recent report published by the National Bureau of Statistics (NBS) revealed that the Federal Government of generated N948.07 billion as Value Added Tax (VAT) in Q3 2023. This represents a growth rate of 21.34% on a quarter-on-quarter basis from N781.35 billion in Q2 2023.

According to NBS, Local payments recorded were N522.08 billion, Foreign VAT Payments were N204.58 billion, while import VAT contributed N221.41 billion in Q3 2023.

On a quarter-on-quarter basis, agriculture, forestry and fishing recorded the highest growth rate with 91.87%, followed by the activities of extraterritorial organizations and bodies with 80.25%. On the other hand, real estate had the lowest growth rate with –37.68%, followed by construction with – 9.54%.

In terms of sectoral contributions, the top three largest shares in Q3 2023 were manufacturing with 26.51%; information and communication with 19.04%; and financial & insurance activities with 12.31%.

Nevertheless, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.02%, followed by water supply, sewerage, waste management, and remediation activities with 0.06%; and activities of extraterritorial organizations and bodies with 0.10%.

However, on a year-on-year basis, VAT collections in Q3 2023 increased by 51.60% from Q3 2022.