Revenue from Value Added Tax (VAT) and Company Income Tax, CIT, fell quarter on quarter (QoQ) by 18.6 percent to N1.18 trillion in the first quarter of 2023 (Q1’23) from N1.45 trillion in Q4’22.

National Bureau of Statistics disclosed this in its VAT report for Q1’23, which showed that VAT revenue stood at N709.59 billion, rising QoQ   by 1.75 percent from N697.38 billion in Q4 ’22.

The NBS said: “On the aggregate, VAT for Q1’23 was reported at N709.59 billion, showing a growth rate of 1.75 percent on a QoQ basis from N697.38 billion in Q4’22.

“Local payments recorded were N436.10 billion, Foreign VAT payments were N151.13 billion, while import VAT contributed N122.37 billion in Q1’23.”

On a QoQ basis, the activities of households as employers, undifferentiated goods and services producing activities of households for own use recorded the highest growth rate with 349.86 percent, followed by construction with 95.64 percent.

“In terms of sectoral contributions, the top three largest shares in Q1’23 were manufacturing with 29.6 percent; information and communication with 19.29 percent; and mining & quarrying with 12.2 percent. “However, on a year-on-year basis, VAT collections in Q1’23 increased by 20.6 per cent from Q1’22.”