Finance

Nigeria records N710bn VAT in Q1 2023 – NBS

The National Bureau of Statistics (NBS), said the aggregate Value Added Tax (VAT) stood at N709.59 billion in Q1 2023.

This is according to the VAT Q1 2023 Report released in Abuja on Tuesday.

The report shows a growth rate of 1.75 per cent on a quarter-on-quarter basis from N697.38 billion in Q4 2022.

The report said local payments recorded were N436.10 billion, while foreign VAT payments contributed N151.13 billion, and import VAT contributed N122.37 billion in Q1 2023.

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It said on a quarter-on-quarter basis, the activities of households as employers, undifferentiated goods- and services producing activities of households for own use recorded the highest growth rate with 349.86 per cent.

“This was followed by construction with 95.64 per cent.

“On the other hand, activities of extraterritorial organisations and bodies had the lowest growth rate with –53.54 per cent, followed by real estate activities with –47.01 per cent.”

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In terms of sectoral contributions, the report showed the top three largest shares in Q1 2023 were manufacturing with 29.65 per cent, information and communication with 19.29 per cent, and mining and quarrying with 12.24 per cent.

” On the other hand, activities of extraterritorial organisations and bodies recorded the least share with 0.02 per cent.

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“This was followed by activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with 0.03 per cent.

“This was closely followed by water supply, sewerage, waste management, and remediation activities with 0.04 per cent.”

The report, however, said, on a year-on-year basis, VAT collections in Q1 2023 increased by 20.56 per cent from Q1 2022.

Sunnews

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