Nigeria’s VAT Accruals Rise To N697.38bn In Q4 2022

The National Bureau of Statistics (NBS) has reported that on the aggregate, Nigeria’s Value Added Tax (VAT) collections for Q4 2022 increased to N697.38 billion, representing a growth rate of 11.51 per cent on a quarter-on-quarter basis from N625.39 billion in Q3 2022.

The statistics agency, in its just published report titled ‘Value Added Tax (VAT) Q4 2022’ indicated, however, that on a year-on-year basis, the VAT collections in Q4 2022 increased by 23.71 per cent from the revenue generated from the source in the corresponding quarter of 2021.

The VAT figures showed that when assessed based on payments categories, local payments totalled N408.12 billion, foreign VAT payments were N159.83 billion, while import VAT contributed N129.43 billion in the quarter under review.

The NBS reported that on quarter-on-quarter contributions based on activities, the Arts, Entertainment, and Recreation activities recorded the highest growth rate with 43.82 per cent, followed by Human health and social work activities with 35.82 per cent while Agriculture, forestry and fishing recorded the lowest growth rate with –30.12 per cent, followed by activities of Extraterritorial organizations and bodies with –19.81 per cent.

According to the report, in terms of sectoral contributions, the top three largest shares in Q4 2022 were recorded in Manufacturing with 32.17 per cent; Information and Communication with 18.05 per cent; and Public administration and defence, compulsory social security with 9.87 per cent.

The VAT data also reflected that conversely, Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01 per cent, followed by Activities of extraterritorial organizations and bodies with 0.05 per cent; and Water supply, sewerage, waste management, and remediation activities with 0.07 per cent.