On the aggregate, Value Added Tax (VAT) for Q3 2022 was reported at N625.39 billion, showing a growth rate of 4.21% on a quarter-on-quarter basis from N600.15 billion in Q2 2022. Local payments recorded were N367.93 billion, Foreign VAT Payments were N121.85 billion, while import VAT contributed N135.61 billion in Q3 2022. On a quarter-on-quarter basis, the Arts, entertainment, and recreation supply activities recorded the highest growth rate with 61.09%, followed by Activities of extraterritorial organizations and bodies with 44.47%. 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 –56.37%, followed by Water supply, sewerage, waste management, and remediation activities with –32.02%.

In terms of sectoral contributions, the top three largest shares in Q3 2022 were Manufacturing with 31.08%; Information and communication with 18.52%; and Mining & quarrying with 10.95%. Conversely, 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 Activities of extraterritorial organizations and bodies with 0.06%; and Water supply, sewerage, waste management, and remediation activities with 0.08%. However, on a year-on-year basis, VAT collections in Q3 2022 increased by 24.95% from Q3 2021. 

Data source: National Bureau of Statistics

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