Nigeria Generated N1.49trn From VAT In 2023 H1 – NBS

Posted by Samson Kankan Business News, Latest Headlines Tuesday, September 5th, 2023

(AFRICAN EXAMINER) – A new data released by the National Bureau of Statistics (NBS) showed that Nigeria generated N1.49 trillion as the aggregate revenue from Value-Added Tax (VAT) in the first half of 2023.

The NBS on Monday stated that on the aggregate, VAT for the second quarter of 2023 was reported at N781.35 billion, showing a growth rate of 10.11% on a quarter-on-quarter basis from N709.59 billion in the first quarter of 2023.

The data showed that local payments recorded were N512.03 billion, foreign VAT payments were N142.63 billion, while import VAT contributed N126.69 billion in the second quarter of 2023.

On a quarter-on-quarter basis, the NBS stated that the activities of extra-territorial organisations and bodies recorded the highest growth rate with 212.06%, followed by real estate activities with 123.09%.

On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with –57.06%, followed by agriculture, forestry, and fishing with –32.86%.

In terms of sectoral contributions, the top three largest shares in the second quarter of 2023 were manufacturing with 29.64%; information and communication with 21.19%; and financial and insurance activities with 11.18%.

However, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01%, followed by water supply, sewerage, waste management, and remediation activities with 0.05%; and activities of extraterritorial organizations and bodies with 0.05%.

In addition, on a year-on-year basis, VAT collections in the second quarter of 2023 increased by 30.19% from the second quarter of 2022.