On the aggregate, Value Added Tax (VAT) for Q4 2021 was reported at N563.72 billion, a growth of 12.63% on a quarter-on-quarter basis from N500.49 billion in Q3 2021. Local payments recorded were N333.29 billion in Q4 2021, while Foreign VAT Payment contributed N103.52 billion.
On a quarter-on-quarter basis, the activities of extraterritorial organizations and bodies recorded the highest growth rate with 150.16%, followed by agriculture, forestry and fishing with 92.48%. On the other hand, arts, entertainment and recreation had the lowest growth rate with -7.07%, followed by Education with -5.69%.
In terms of sectoral contributions, the top three largest shares in Q4 2021 were Manufacturing with 30.86%; information and communication with 18.72% and Mining and Quarrying with 9.91%. Conversely, the activities of extraterritorial organizations and bodies recorded the least share with 0.02%, followed by activities of households as employers, undifferentiated goods and services-producing activities of households for own use with 0.04%; and water supply, sewerage, waste management and remediation activities with 0.11%. However, on a year-on-year basis, VAT collections in Q4 2021 increased by 23.98% from Q4 2020.
Data source: National Bureau of Statistics