Value Added Tax (VAT) Q3 2023

Executive Summary

On the aggregate, Value Added Tax (VAT) for Q3 2023 was reported at N948.07 billion, showing a growth rate of 21.34% on a quarter-on-quarter basis from N781.35 billion in Q2 2023. Local payments recorded were N522.08 billion, Foreign VAT Payments were N204.58 billion, while import VAT contributed N221.41 billion in Q3 2023.
On a quarter-on-quarter basis, agriculture, forestry and fishing recorded the highest growth rate with 91.87%, followed by the activities of extraterritorial organizations and bodies with 80.25%. On the other hand, real estate had the lowest growth rate with –37.68%, followed by construction with – 9.54%. In terms of sectoral contributions, the top three largest shares in Q3 2023 were manufacturing with 26.51%; information and communication with 19.04%; and financial & insurance activities with 12.31%.
Nevertheless, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.02%, followed by water supply, sewerage, waste management, and remediation activities with 0.06%; and activities of extraterritorial organizations and bodies with 0.10%. However, on a year-on-year basis, VAT collections in Q3 2023 increased by 51.60% from Q3 2022.

Data source: National Bureau of Statistics