FG’s VAT earnings reached nearly N1 trillion in September – NBS

The National Bureau of Statistics (NBS) has said the aggregate value-added tax (VAT) stood at N948.07 billion in Q3 2023.

This is according to the VAT Q3 2023 report released in Abuja on Monday.

The report showed a growth rate of 21.34 per cent on a quarter-on-quarter basis from N781.35 billion in Q2 2023.

It said local payments recorded were N522.08 billion, foreign VAT payments contributed N204.58 billion, and import VAT contributed N221.41 billion in Q3 2023.

Agriculture, forestry and fishing recorded the highest growth rate at 91.87 per cent on a quarter-on-quarter basis. This was followed by activities of extraterritorial organisations and bodies with 80.25 per cent.

On the other hand, real estate had the lowest growth rate at -37.68 per cent, followed by construction at -9.54 per cent.

Regarding sectoral contributions, the report showed the top three largest shares in Q3 2023 were manufacturing with 26.51 per cent, information and communication with 19.04 per cent, and financial and insurance activities with 12.31 per cent.

Households’ employment and undifferentiated goods-and-services-producing activities contributed only 0.02 per cent. This was followed by water supply, sewerage, waste management, and remediation activities with 0.06 per cent.

This was closely followed by activities of extraterritorial organisations and bodies with 0.10 per cent.

However, the report said VAT collections in Q3 2023 increased by 51.60 per cent from Q3 2022 on a year-on-year basis.



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