On the aggregate, Value Added Tax (VAT) for Q1 2023 was reported at N709.59 billion, showing a growth rate of 1.75% on a quarter-on-quarter basis from N697.38 billion in Q4 2022. Local payments recorded were N436.10 billion, Foreign VAT Payments were N151.13 billion, while import VAT contributed N122.37 billion in Q1 2023. On a quarter-on-quarter basis, the activities of households as employers, undifferentiated goods- and services producing activities of households for own use recorded the highest growth rate with 349.86%, followed by construction with 95.64%.

On the other hand, activities of extraterritorial organizations and bodies had the lowest growth rate with –53.54%, followed by real estate activities with –47.01%. In terms of sectoral contributions, the top three largest shares in Q1 2023 were manufacturing with 29.65%; information and communication with 19.29%; and mining & quarrying with 12.24%. Conversely, 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 0.03%; and water supply, sewerage, waste management, and remediation activities with 0.04%. However, on a year-on-year basis, VAT collections in Q1 2023 increased by 20.56% from Q1 2022. 

Data source: National Bureau of Statistics

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