FG generates N709bn VAT in Q1’23 – NBS - NEWS FRONTIER DAILY


Tuesday, June 13, 2023

FG generates N709bn VAT in Q1’23 – NBS

The National Bureau of Statistics (NBS) said that the federal government generated N709.59 billion as Value Added Tax (VAT) in the first quarter of 2023.

The bureau disclosed this in its “Sectoral Distribution of Value Added Tax” report for Q1 2023, released on Tuesday.

According to NBS, the figure represents a growth rate of 1.75 per cent on a quarter-on-quarter basis from N697.38 billion in Q4 2022.

Out of the total amount generated, it said local payments stood at N436.10 billion, foreign VAT payments were N151.13 billion, while import VAT contributed N122.37 billion in Q1 2023.

The bureau noted that on a quarter-on-quarter basis, the activities of households recorded the highest growth rate at 349.86 per cent, followed by construction with 95.64 per cent.

“On the other hand, activities of extraterritorial organisations and bodies had the lowest growth rate with –53.54 per cent, followed by real estate activities with –47.01 per cent,” the report said.

Regarding sectoral contributions, the report said the top three largest shares in Q1 2023 were manufacturing with 29.65 per cent, information and communication with 19.29 per cent and mining & quarrying with 12.24 per cent.

Conversely, it said activities of extraterritorial organisations and bodies recorded a minor share with 0.02 per cent, followed by activities of households as employers, undifferentiated goods and services-producing activities of households for own use with 0.03 per cent and water supply, sewerage, waste management, and remediation activities with 0.04 per cent.

However, NBS said that on a year-on-year basis, VAT collections in Q1 2023 increased by 20.56 per cent from Q1 2022.

No comments:

Post a Comment