on Tuesday said that the federal government generated N709.59 billion as Value Added Tax in the first quarter of 2023.
Out of the total amount generated, it said local payments stood at N436.10 billion, foreign VAT payments were N151.13 billion, while import VAT contributed N122.37 billion in Q1 2023. Regarding sectoral contributions, the report said the top three largest shares in Q1 2023 were manufacturing with 29.65 per cent, information and communication with 19.29 per cent and mining & quarrying with 12.24 per cent.
It said the figure indicates a growth rate of -37.79 per cent on a quarter-on-quarter basis from N753.88 billion in Q4 2022. On the other hand, it said water supply, sewerage, waste management, and remediation activities had the lowest growth rate at – 69.38 per cent, followed by other service activities at -60.13 per cent.
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