FG Generated N563.72bn from Value Added Tax in Q4


The federal government generated a total of N563.72 billion from Value Added Tax (VAT) in the fourth quarter of last year (Q4 2021), according to the National Bureau of Statistics (NBS).

This represented a growth of 12.63 per cent compared to the

N500.49 billion generated in the preceding quarter.

Local payments accounted for  N333.29 billion in Q4 2021, while Foreign VAT Payment contributed N103.52 billion.

In terms of sectoral contributions, manufacturing,

information and communication and mining and quarrying accounted for 30.86 per cent, 18.72 per cent and 9.91 per cent of total VAT,  representing the largest contributions for Q4.

On the other hand, the activities of extra-territorial organisations and bodies recorded the least share of VAT with 0.02 per cent followed by activities of households as employers, undifferentiated goods and services-producing activities of households for own use with 0.04 per cent.

Also,  water supply, sewerage, waste management and remediation activities contributed 0.11 per cent to consumption tax.

Quarter-on-quarter, the activities of extraterritorial organisations and bodies recorded the highest VAT growth rate with 150.16 per cent, followed by agriculture, forestry and fishing with 92.48 per cent.

Year on year, however, VAT collections in Q4 2021 increased by 23.98 per cent compared to the corresponding quarter of 2020.

Administrative anf support services contributed N4.15 billin to VAT while agriculture, forestry and fishing accounted for N1.20 billion.

Others are contruction N4.43 billion, education N4.29 billion, financial and insurance activities N26.95 billion and wholesale and retail trade and repair of vehicles and motorcycles N14.22 billion.

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