Emmanuel Ochayi
Nigeria’s Value Added Tax (VAT) collection has surged to N948.07 billion in the third quarter (Q3) of 2023 marking a significant growth trajectory.
This was revealed in a report released by the National Bureau of Statistics (NBS) in Abuja.
Join our WhatsApp Channel“The figures underscore a robust 21.34% growth on a quarter-on-quarter basis from the previous quarter’s N781.35 billion,” the NBS spokesperson stated. “This signifies a substantial uptick in economic activities and financial transactions within the period.”
Highlighting the breakdown, the report delineated that local payments accounted for N522.08 billion, while foreign VAT payments contributed N204.58 billion. Import VAT contributed N221.41 billion, indicating a diverse stream of revenue sources.
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The report further elucidated sectoral performances, noting 91.87% growth in agriculture, forestry, and fishing, followed by extraterritorial organizations and bodies with an 80.25% surge.
“Conversely, real estate experienced a concerning growth rate of -37.68%, followed by construction with -9.54%,” the NBS representative highlighted, shedding light on the disparities among sectors.
Sectoral contributions delineated the prominent roles played by manufacturing with 26.51%, information and communication with 19.04%, and financial and insurance activities with 12.31% in Q3 2023. Conversely, activities of households as employers, undifferentiated goods- and services-producing activities, held the least share at 0.02%.
However, the report uncovered a 51.60% year-on-year increase in VAT collections in Q3 2023 compared to the same period in 2022, signifying growth and economic resilience over the year.
“The statistics point towards a dynamic economic landscape with certain sectors demonstrating remarkable growth, underpinning the nation’s economic momentum,” the NBS spokesperson emphasized, concluding the report on a positive note.
This detailed analysis by the NBS offers insights into the intricate dynamics of the country’s VAT landscape, showcasing both promising areas and sectors that demand attention for future growth and development.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
