VAT REVENUE HITS N563.72 BILLION

VAT REVENUE HITS N563.72 BILLION

… Manufacturing, 2 Other Sectors Contribute Most

The manufacturing, information and communication, and mining sectors were the largest contributors to the value-added tax (VAT) revenue which hit N563.72 billion in Q4 2021, according to the latest data from the National Bureau of Statistics (NBS).

In the data released on Friday, the top three largest shares in Q4 2021 were manufacturing with 30.86 percent, information and communication with 18.72 percent, and mining and quarrying with 9.91 percent.

However, the NBS report noted that the activities of extraterritorial organizations and bodies recorded the least share with 0.02 percent, followed by activities of households as employers, undifferentiated goods and services-producing activities of households for own use with 0.04 percent; and water supply, sewerage, waste management and remediation activities with 0.11 percent.

In addition, it also indicated that on a year-on-year (y-o-y) basis, VAT collections in Q4 2021 increased by 23.98 percent from Q4 2020.

While noting this, it said, “on the aggregate, VAT for Q4 2021 was reported at N563.72 billion, a growth of 12.63 percent on a quarter-on-quarter basis from N500.49 billion recorded in Q3 2021.”

Further analysis also showed that local payments recorded were N333.29 billion in Q4 2021, while foreign VAT payments contributed N103.52 billion.

“On a quarter-on-quarter basis, the activities of extraterritorial organizations and bodies recorded the highest growth rate with 150.16 percent, followed by agriculture, forestry, and fishing with 92.48 per-cents.

“On the other hand, arts, entertainment, and recreation had the lowest growth rate with -7.07 percent, followed by education with -5.69 percent,” it said.

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