The National Bureau of Statistics (NBS) said that the Value Added Tax (VAT) for the 2021 fourth quarter (Q4), rose to N563.72 billion. This represented a growth of 12.63 % on a quarter-on-quarter basis from N500.49 billion in Q3 2021.
The figure which was obtained from NBS website, further explained that local payments recorded during the period, were N333.29 billion in Q4 2021, while foreign VAT payment contributed N103.52 billion.
On a quarter-on-quarter basis, the activities of extraterritorial organisations and bodies recorded the highest growth rate with 150.16%, followed by agriculture, forestry and fishing with 92.48%.
On the other hand, arts, entertainment and recreation had the lowest growth rate with -7.07%, followed by education with -5.69%.
“In terms of sectoral contributions, the top three largest shares in Q4 2021 were manufacturing with 30.86 per%; information and communication with 18.72% and Mining and Quarrying with 9.91%.
“Conversely, the activities of extraterritorial organisations and bodies recorded the least share with 0.02%, followed by activities of households as employers, undifferentiated goods and services-producing activities of households for own use with 0.04%; and water supply, sewerage, waste management and remediation activities with 0.11%.
“However, on a year-on-year basis, VAT collections in Q4 2021 increased by 23.98% from Q4 2020,” NBS said.
