According to the National Bureau of Statistics, the Value Added Tax (VAT) total for the third quarter of 2023 was N948.07 billion.
This is in line with the VAT Q3 2023 Report, which was made public on Monday in Abuja.
According to the study, the amount grew by 21.34 percent in Q2 2023 compared to N781.35b in Q2 of the previous year.
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According to the report, in Q3 2023, import VAT provided N221.41b, international VAT payments contributed N204.58b, and local payments registered N522.08b.
Agriculture, forestry, and fisheries had the highest quarter-over-quarter growth rate, at 91.87 percent.
Activities of extraterritorial organisations and entities came next, accounting for 82.25 percent.
However, with a growth rate of -37.68%, real estate had the lowest, followed by construction at -9.54%.
According to the research, the top three sectors contributing the most in Q3 2023 were manufacturing (26.51%), information and communication (19.04%), and financial and insurance activities (12.31%).
However, with only 0.02 percent, household employment and undifferentiated goods and service production for personal consumption accounted for the lowest share of household activity.
Water supply, sewage, waste management, and cleanup activities came next, accounting for 0.06 percent of the total.
“Activities of extraterritorial organisations and bodies with 0.10 percent closely trailed this.”
Nonetheless, the report stated that, compared to Q3 2022, VAT receipts in Q3 2023 climbed by 51.60 percent year over year.
