According to the National Bureau of Statistics (NBS), the Federal Government generated an impressive N709.59 billion in Value Added Tax (VAT) during the first quarter of 2023.
The NBS recently released its “Sectoral Distribution of Value Added Tax” report, revealing that local payments contributed N436.10 billion, foreign VAT payments amounted to N151.13 billion, and import VAT reached N122.37 billion in Q1 2023.
The report shows a growth rate of 1.75% on a quarter-on-quarter basis compared to the previous quarter’s N697.38 billion. On a year-on-year basis, VAT collections in Q1 2023 increased by 20.56% compared to the same period in 2022.
The activities of extraterritorial organizations and bodies experienced the lowest growth rate at 53.54%, while real estate activities saw a decline of -47.01%.
Among the sectors, household activities recorded the highest growth rate at an impressive 349.86%, followed by construction at 95.64%.
The three largest sectors in terms of VAT revenue were manufacturing (29.65%), information and communication (19.29%), and mining & quarrying (12.24%).
In contrast, activities of extraterritorial organizations and bodies, activities of households as employers, undifferentiated goods and services-producing activities of households for own use, and water supply, sewerage, waste management, and remediation activities accounted for minimal shares ranging from 0.02% to 0.04%.
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