In a report released on Monday in Abuja, the National Bureau of Statistics revealed a significant boost in Value Added Tax (VAT) for the third quarter of 2023, reaching a staggering N948.07 billion.
The VAT Q3 2023 Report demonstrated a robust growth rate of 21.34 percent on a quarter-on-quarter basis, up from N781.35 billion in Q2 2023.
Breaking down the figures, local payments accounted for N522.08 billion, while foreign VAT payments contributed N204.58 billion, and import VAT added N221.41 billion to the overall total in Q3 2023.
The report highlighted a remarkable quarter-on-quarter growth rate of 91.87 percent in the agriculture, forestry, and fishing sectors. Sectoral contributions revealed that manufacturing claimed the largest share at 26.51 percent, followed by information and communication at 19.04 percent, and financial and insurance activities at 12.31 percent.
While the quarterly comparison showed an impressive increase, the report also indicated a substantial year-on-year growth of 51.60 percent in VAT collections for Q3 2023 compared to the same period in 2022.
