Transit from politics to governance – Tinubu tells governors

The National Bureau of Statistics, NBS, says the aggregate Value Added Tax, VAT, in Q4 2023 stood at N1.20 trillion.

This is contained in the VAT Q4 2023 report released in Abuja on Thursday.

The report indicated an increase rate of 26.61 per cent on a quarter-on-quarter basis from N948.07 billion in Q3 2023.

According to the report, local payments recorded were N630.00 billion, while foreign VAT payments contributed N326.27 billion, and import VAT contributed N244.04 billion in Q4 2023.

The report said on a quarter-on-quarter basis, agriculture, mining and quarrying recorded the highest growth rate with 63.75 per cent.

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“This was followed by activities of other services organisations with 61.98 per cent.

“On the other hand, activities of extraterritorial organisations and bodies had the lowest growth rate with –19.44 per cent, followed by financial and insurance with –8.46 per cent,” it added.

In terms of sectoral contributions, the report indicated the top three largest shares in Q4 2023 were manufacturing with 13.24 per cent, information and communication with 10.02 per cent, and mining and quarrying with 7.91 per cent.

“On the other hand, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00 per cent.

“This was followed by activities of extraterritorial organisations and bodies, and water supply, sewerage, waste management and remediation activities with 0.03 per cent.

“This was closely followed by activities of real estate with 0.07 per cent and agriculture, forestry and fishing activities with 0.10 per cent,” the report added.

It however, said on a year-on-year basis, VAT collections in Q4 2023 increased by 72.12 per cent from Q4 2022.