In a recent development, the National Bureau of Statistics, as reported by Infostride News, unveiled the latest figures on Value Added Tax (VAT) for the third quarter of 2023, standing at a substantial N948.07b. The VAT Q3 2023 Report, released in Abuja on a Monday, revealed a noteworthy growth rate of 21.34% on a quarter-on-quarter basis, showcasing a surge from N781.35b in Q2 2023.
Breaking down the contributions, the report outlined local payments at N522.08b, while foreign VAT payments and import VAT played significant roles, contributing N204.58b and N221.41b, respectively, in Q3 2023.
Analyzing specific sectors, the quarter-on-quarter growth rates highlighted the resilience of agriculture, forestry, and fishing, leading the charts with an impressive 91.87% growth. Following closely were the activities of extraterritorial organizations and bodies, recording an 80.25% growth rate. Conversely, real estate faced challenges, marking the lowest growth rate at -37.68%, with construction following suit at -9.54%.
Delving into sectoral contributions, Infostride News emphasized the top three contributors in Q3 2023: manufacturing, leading with a substantial 26.51%, information and communication securing a notable 19.04%, and financial and insurance activities making a significant mark at 12.31%.
Conversely, activities of households as employers and undifferentiated goods- and services-producing activities of households for own use recorded the least share with a minimal 0.02%. Slightly above this were water supply, sewerage, waste management, and remediation activities at 0.06%, closely trailed by activities of extraterritorial organizations and bodies at 0.10%.
Despite the quarterly insights, the report highlighted a substantial year-on-year increase of 51.60% in VAT collections for Q3 2023 compared to the same period in 2022.
This noteworthy surge in VAT collections, as reported by Infostride News, underscores the dynamic landscape of economic activities and sectoral contributions in the third quarter of 2023, providing valuable insights into the fiscal health and trends shaping the nation’s economy.
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate