The latest report from the National Bureau of Statistics (NBS) shows that the Value Added Tax (VAT) payments for Q4 2023 increased to N1.20 trillion, indicating a growth rate of 26.61% on a quarter-on-quarter basis from N948.07 billion recorded in Q3 2023.
According to the NBS’s report, local payments recorded were N630.00 billion, Foreign VAT Payments were N326.27 billion, while import VAT contributed N244.04 billion in Q4 2023.
The Bureau said, on a quarter-on-quarter basis, agriculture, mining, and quarrying recorded the highest growth rate with 63.75%, followed by the other services activities with 61.98%.
NBS, however, said, activities of extraterritorial organisations and bodies activities had the lowest growth rate with –19.44%, followed by financial and insurance with –8.46%.
It said, in terms of sectoral contributions, the top three largest shares in Q4 2023 were manufacturing with 13.24%, information and communication with 10.02%, and mining and quarrying with 7.91%.
Nevertheless, it said, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00%, followed by activities of extraterritorial organizations and bodies, and water supply, sewerage, waste management, and remediation activities with 0.03% and real estate activities 0.07%, agriculture, forestry and fishing with 0.10%.
On a year-on-year basis, the Buteau said, VAT collections in Q4 2023 increased by 72.12% from Q4 2022″, it said.
Meanwhile, NBS reveled that the Company Income Tax (CIT) for Q4 2023 was reported at N1.13 trillion, indicating a growth rate of –35.40% on a quarter-on-quarter basis from N1.75 trillion in Q3 2023.
It said, local payments received were N533.93 billion, while Foreign CIT Payment contributed N596.10 billion in Q4 2023.
On a quarter-on-quarter basis, it said, electricity, gas, steam, and air conditioning supply recorded the highest growth rate with 79.65%, followed by construction with 57.86%.
On the other hand, NBS said, the activities of Information and communication –69.44, and public administration and defence, compulsory social security –23.75 had the lowest growth rate.
The Bureau said, in terms of sectoral contributions, the top three largest shares in Q4 2024 were Manufacturing 12.84%, Financial and insurance activities 6.25%, and Mining and quarrying 5.90%.
Nevertheless, it said, activities of households as employers, undifferentiated goods- and services producing activities of households for own use 0.00%, Water supply, sewerage, waste management and remediation activities 0.02%, and Activities of extraterritorial organizations and bodies 0.07%.
