Nigeria generates N1.49trn from VAT in 2023 H1 – NBS

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A recent report 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.

According to the NBS, VAT for the second quarter of 2023 was reported at N781.35 billion, representing a quarter-on-quarter increase of 10.11% from N709.59 billion in the first quarter of 2023.

According to the report, in the second quarter of 2023, local payments totaled N512.03 billion, international VAT payments totaled N142.63 billion, and import VAT contributed N126.69 billion.

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.