Federal finance and statistics / National Bureau of Statistics

Value Added Tax (VAT) Q4 2023

Executive Summary On the aggregate, Value Added Tax (VAT) for Q4 2023 was reported at N1.20 trillion, showing a growth rate of 26.61% on a quarter-on-quarter basis from N948.07 billion in Q3 2023. Local payments recorded were N630.00 billion, Foreign VAT Payments were N326.27 billion, while import VAT contributed N244.04 billion in Q4 2023. On a quarter-on-quarter basis, agriculture, mining and quarrying recorded the highest growth rate with 63.75%, followed by the other services activities with 61.98%. On the other hand, activities of extraterritorial organisations and bodies activities had t…