According to recent data from the National Bureau of Statistics (NBS), Nigeria generated N1.49 trillion in aggregate income from Value-Added Tax (VAT) in the first half of 2023.
According to the NBS, VAT for the second quarter of 2023 was reported at N781.35 billion, representing a quarter-on-quarter increase of 10.11% from N709.59 billion in the first quarter of 2023.
According to the report, in the second quarter of 2023, local payments totaled N512.03 billion, international VAT payments totaled N142.63 billion, and import VAT contributed N126.69 billion.
According to the NBS, the operations of extra-territorial organizations and bodies grew at the fastest pace of 212.06%, followed by real estate activities at 123.09%.
On aggregate, Value Added Tax (VAT) for Q2 2023 was reported at N781.35 billion, showing a growth rate of 10.11% on a quarter-on-quarter basis from N709.59 billion in Q1 2023.
Read the full VAT Report for Q2 2023 here: https://t.co/c6HatSaozC pic.twitter.com/xJ84ZEKEoH
— NBS Nigeria (@NBS_Nigeria) September 4, 2023
Household activities as employers, undifferentiated goods- and services-producing activities of households for personal use, on the other hand, had the lowest growth rate of -57.06%, followed by agriculture, forestry, and fisheries with -32.86%.
In terms of sectoral contributions, manufacturing had 29.64%, information and communication had 21.19%, and financial and insurance activities had 11.18% in the second quarter of 2023.
However, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use, and activities of extraterritorial organizations and bodies recorded the smallest share with 0.01%, followed by water supply, sewerage, waste management, and remediation activities with 0.05%, and activities of extraterritorial organizations and bodies with 0.05%.
Furthermore, VAT receipts grew by 30.19% year on year in the second quarter of 2023 compared to the second quarter of 2022.