The National Bureau of Statistics (NBS) has released its report stating that the total Value Added Tax (VAT) for the fourth quarter of 2023 amounted to N1.20 trillion.

The report, unveiled in Abuja on Thursday, reveals a significant quarter-on-quarter growth rate of 26.61 percent compared to N948.07 billion recorded in Q3 2023.

In terms of payment breakdown, domestic VAT payments accounted for N630.00 billion, while foreign VAT payments contributed N326.27 billion, and import VAT amounted to N244.04 billion in Q4 2023.

The report highlights the sectors with the highest growth rates on a quarter-on-quarter basis, with agriculture, mining, and quarrying leading at 63.75 percent. Following closely is the activities of other service organizations at 61.98 percent.

Conversely, activities of extraterritorial organizations and bodies experienced the lowest growth rate at -19.44 percent, followed by the financial and insurance sector at -8.46 percent.

Regarding sectoral contributions, the report indicates that manufacturing claimed the largest share at 13.24 percent in Q4 2023, followed by information and communication at 10.02 percent, and mining and quarrying at 7.91 percent.

Conversely, undifferentiated goods- and services-producing activities of households for own use had the lowest share at 0.00 percent. This was closely followed by activities of extraterritorial organizations and bodies, as well as water supply, sewerage, waste management, and remediation activities, both at 0.03 percent.

Additionally, activities of real estate accounted for 0.07 percent, while agriculture, forestry, and fishing activities contributed 0.10 percent.

The report reveals that VAT collections in Q4 2023 experienced a substantial year-on-year increase of 72.12 percent compared to Q4 2022.