The National Bureau of Statistics has reported that an aggregate of N781.35 billion was generate as Value Added Tax (VAT) in Q2 2023. This represents a growth rate of 10.11% on a quarter-on-quarter basis from N709.59 billion in Q1 2023.
According to NBS, Local payments recorded were N512.03 billion, Foreign VAT Payments were N142.63 billion, while import VAT contributed N126.69 billion in Q2 2023.
On a quarter-on-quarter basis, the activities of extraterritorial organizations and bodies recorded the highest growth rate with 212.06%, followed by real estate activities with 123.09%. On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with –57.06%, followed by agriculture, forestry, and fishing with –32.86%.
In terms of sectoral contributions, the top three largest shares in Q2 2023 were manufacturing with 29.64%; information and communication with 21.19%; and financial and insurance activities with 11.18%.