According to National Bureau of Statistics (NBS) report released in Abuja on Thursday, Nigeria generated N1.20 trillion Value Added Tax (VAT) in Q4 of 2023. The report shows that the VAT has a growth rate of 26.61 percent on a quarter to quarter basis. The VAT grew from N948.07billion generated in Q3 to N1.20trillion generated in Q4.
The local payment recorded were N630.00 billion, while foreign VAT payments contributed N326.27 billion, and import VAT contributed N244.04 billion in Q4 2023.
The report said on a quarter-on-quarter basis, agriculture, mining and quarrying recorded the highest growth rate with 63.75 per cent. This was followed by activities of other service organisations with 61.98 per cent. On the other hand, activities of extraterritorial organisations and bodies 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 report showed the top three largest shares in Q4 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.
On the other hand, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00 per cent. This was followed by activities of extraterritorial organisations and bodies, and water supply, sewerage, waste management and remediation activities with 0.03 per cent.
This was closely followed by activities of real estate with 0.07 per cent and agriculture, forestry and fishing activities with 0.10 per cent. The report, however, said on a year-on-year basis, VAT collections in Q4 2023 increased by 72.12 per cent from Q4 2022.
According to NBS, the nation’s aggregate Company Income Tax (CIT) for Q4 2023, is reported to be N1.13 trillion. The figure is contained in the NBS Company Income Tax(CIT) Q4 2023 Report released in Abuja on Thursday. According to the report, the figure shows a growth rate of –35.40 per cent on a quarter-on-quarter basis from N1.75 trillion recorded in Q3 2023.
The report said local payments received were N533.93 billion, while foreign CIT payment contributed N596.10 billion in Q4 2023. It said on a quarter-on-quarter basis, electricity, gas, steam and air conditioning supply recorded the highest growth rate at 79.65 per cent , followed by construction with 57.86 percent .
