Nigerian govt generates N697 billion VAT in Q4 2022 – NBS

At District Central Statistics Agency (NBS) said the federal government generated N697.38 billion as Value Added Tax (VAT) in the fourth quarter of 2022.

The Bureau announced this in its report “Sectoral Distribution of Value Added Tax” for Q4 2022, released on Wednesday.

According to the bureau, the figure shows a growth rate of 11.51 percent on a quarterly basis from N625.39 billion in Q3 2022.

Out of the total amount generated, he said local payments recorded were N408.12 billion, foreign VAT payments N159.83 billion, and import VAT accounted for N129.43 billion in Q4 2022.

NBS said on a quarterly basis, arts, entertainment, and recreation activities recorded the highest growth rate at 43.82 percent, followed by human health and social work activities at 35.82 percent.

“On the other hand, Agriculture, forestry and fisheries had the lowest growth rate with -30.12 percent, followed by the activities of extraterritorial organizations and bodies with -19.81 percent,” the report said.

In terms of sectoral contributions, the report says that the three largest shares in Q4 2022 are manufacturing at 32.17 percent, information and communication at 18.05 percent and public administration and defense, compulsory social security at 9.87 percent.

However, NBS said that annually, VAT collection in Q4 2022 increased by 23.71 percent from Q4 2021.

CIT

In its Corporate Income Tax (CIT) data for Q4 2022, NBS said that CIT in the fourth quarter of 2022 was reported at N753.88 billion.

He said the figure showed a growth rate of -6.95 percent on a quarterly basis from N810.19 billion in Q3 2022. He added that local payments received were N353.90 billion, while foreign CIT payments contributed N399. 98 billion in Q4 2022.

On a quarterly basis, the bureau stated that water supply, waste management and remediation activities recorded the highest growth rate with 57.40 percent, followed by household activities as employers, undifferentiated goods and household service production activities for themselves . use with 45.19 percent.

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It is noted that information and communication activities have the lowest growth rate at – 65.75 percent, followed by art, entertainment and recreation activities -64.09 percent.

In terms of sectoral contributions, NBS said that the three largest shares in Q4 2022 were manufacturing 31.20 percent, financial and insurance activities 12.96 percent, and information and communication activities 12.77 percent.