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Nigeria’s VAT Rises By 10% to N781bn Q2 2023 – NBS

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In the second quarter of 2023, Nigeria’s Value Added Tax (VAT) collections continued their upward trajectory, reaching a total of N781.35 billion according to the latest data by the National Bureau of Statistics (NBS).

This represents a remarkable 10.11% growth when compared to the previous quarter, which recorded N709.59 billion in VAT collections.

This report delves into the specifics of this growth, highlighting key sectors and trends within the VAT landscape.

Quarter-on-Quarter Performance

Breaking down the VAT collections for Q2 2023, the data revealed intriguing insights. Local payments accounted for the lion’s share, amounting to N512.03 billion, while Foreign VAT Payments contributed N142.63 billion. Import VAT also played a significant role, contributing N126.69 billion during the same period.

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Sectoral Growth

Analyzing the quarter-on-quarter growth rates across sectors, extraterritorial organizations and bodies emerged as the frontrunners with an astonishing growth rate of 212.06%.

Real estate activities followed closely behind with a robust growth rate of 123.09%.

However, it was a different story for activities of households as employers and undifferentiated goods- and services-producing activities of households for own use, which experienced the lowest growth rate, recording -57.06%. Agriculture, forestry, and fishing also faced challenges, with a growth rate of -32.86%.

Sectoral Contributions

When it comes to sectoral contributions to VAT collections in Q2 2023, manufacturing took the lead, commanding a significant 29.64% share.

The information and communication sector secured the second position with a share of 21.19%, followed closely by financial and insurance activities at 11.18%.

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In stark contrast, activities of households as employers and undifferentiated goods- and services-producing activities of households for own use occupied the bottom of the list, contributing a mere 0.01%.

Water supply, sewage, waste management, and remediation activities, along with activities of extraterritorial organizations and bodies, both accounted for a modest 0.05% share.

Year-on-Year Growth

Comparing Q2 2023 to the same quarter in the previous year, VAT collections exhibited substantial growth, registering a remarkable 30.19% increase from Q2 2022.

The post Nigeria’s VAT Rises By 10% to N781bn Q2 2023 – NBS appeared first on Jomog.

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Education

1ST NIGERIAN TERTIARY INSTITUTIONS CONFERENCE ON UN SUSTAINABLE DEVELOPMENT GOALS (SDGS) ESSAY COMPETITION

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The 1st Nigerian Tertiary Institutions Conference on UN SDGs presents the SDG Youth Essay Competition, offering undergraduates in Nigerian tertiary institutions a chance to contribute to the discussion on achieving SDG4, Quality Education.

Competition Overview:

1st Nigerian Tertiary Institutions Conference on UN Sustainable Development Goals (SDGs) Essay Competition

The SDG Youth Essay Competition offers a grand prize of N1 million for the top three winners, along with free sponsorship to attend the 1st Nigeria Tertiary Institution Conference on Sustainable Development Goals (SDGs) in April 2024 in Abuja.

Competition Requirements:

1. Eligibility:

   – Open exclusively to undergraduates in Nigerian tertiary institutions.

2. Entry Guidelines:

   – Topic:The Role of Students in Attainment of SDG4

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   – length: Essays should be 1500 words.

   – Entry Period: Thursday, February 1, 2024 – Thursday, February 29, 2024

   – Referencing: APA Style (6th Edition).

   – Font: Times New Roman, 12-point font size.

   – Documentation: Typed in 1.5 line spacing, MS Word format only.

   – Plagiarism: Only original content is accepted; plagiarized entries will be disqualified.

Benefits:

– Prizes:

  – 1st Prize: N500,000

  – 2nd Prize: N300,000

  – 3rd Prize: N200,000

– Winners will also receive free sponsorship to attend the 1st Nigeria Tertiary Institution Conference on Sustainable Development Goals (SDGs) in April 2024 in Abuja.

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Required Documents:

– Student’s Institution ID Card

– Copy of Student’s Admission Letter

– One recent passport-size photograph

– WhatsApp telephone number and email address

Application Procedure:

– All entries and submissions (essay and required documents) should be scanned and sent to nigeriaessay@sdgyouth.org before the deadline.

For Further Inquiries:

– Call: 08068931151, 08133846739, 07067772964

– Email: nigeriaessay@sdgyouth.org

Deadline: February 29th, 2024

Don’t miss this opportunity to contribute to achieving SDG4 and win exciting prizes. Submit your entry and required documents before the deadline. For any inquiries, feel free to contact them via phone or email.

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Education

PENTAGON PARTNERS NATIONAL ESSAY COMPETITION FOR UNDERGRADUATE LAW STUDENTS

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Are you an undergraduate law student in Nigeria eager to explore the intersection of law and Artificial Intelligence (AI)? Pentagon Partners presents a unique opportunity for 400-level and 500-level undergraduate law students to participate in the National Essay Competition.

Competition Overview:

Pentagon Partners National Essay Competition for Undergraduate Law Students

The National Essay Competition invites undergraduate law students to showcase their expertise and contribute to the discourse on AI, privacy, and data protection. In addition to cash prizes, participants have the chance to intern with Pentagon Partners, gaining valuable hands-on experience.

Competition Requirements:

1. Eligibility:

   – The competition is open to 400-level and 500-level undergraduate law students in Nigerian universities.

2. Essay Requirements:

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   – Length: Essays should not exceed 1500 words.

   – Format: Double spaced, 12pt Times New Roman font.

   – References: OSCOLA format for citations with 10pt font size for footnotes and endnotes.

   – Submission Format: Essays must be submitted in PDF format.

   – Entrant Details: Include full names, school, level, phone number, and email address in both the body of the email and on the last page of the essay.

   – Single Entry: Each entrant is allowed only one submission.

   – Originality: Plagiarism will result in automatic disqualification.

Competition Benefits and Timeline:

1. Prizes:

   – Winner: N200,000

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   – 1st Runner Up: N150,000

   – 2nd Runner Up: N100,000

2. Internship Opportunity:

   – In addition to cash prizes, winners have the exclusive opportunity to intern with Pentagon Partners, enhancing their career prospects.

Application Procedure:

– Interested participants should submit their essays to essay@pentagonpartnerslp.com during the submission period.

– The subject of the email should be the Essay topic

For additional information and updates, visit www.pentagonpartnerslp.com.

Deadline: March 22nd, 2024

Don’t miss this chance to showcase your legal expertise, contribute to important discussions on AI and law, and vie for enticing cash prizes. Pentagon Partners looks forward to receiving your submissions.

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Education

SYSTEMSPECS CHILDREN’S DAY ESSAY COMPETITION (CDEC), 2024

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The SystemSpecs Children’s Day Essay Competition (CDEC) is an annual event aimed at fostering innovative thinking among primary and secondary school students in Nigeria. It provides a platform for young minds to propose technological solutions to national challenges.

Purpose:
Inaugurated in 2020, the CDEC is part of SystemSpecs’ Corporate Social Responsibility (CSR) commitment to promoting capacity development in the Nigerian ICT industry. By encouraging young Nigerians to tackle everyday issues, the competition contributes to intellectual growth and societal progress.

SystemSpecs Children’s Day Essay Competition (CDEC), 2024

Topic:
The theme for the 2024 competition is “Protecting the Nigerian Child from the Dangers of Online Technology.” Participants are tasked with exploring strategies to safeguard children in an increasingly digital world.

Eligibility:
– Open to primary and secondary school students in Nigeria aged 9 to 16.

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– Junior category (ages 9 to 12) essays must not exceed 1,000 words.

– Senior category (ages 13 to 16) essays must not exceed 1,500 words.

Prizes:

– Winners will receive generous rewards, including a high-capacity laptop, premium headphones, a portable laptop stand, a smart wristwatch, and one year of internet data, among other items.

– Consolation prizes will be awarded to other participants.

Application Process:

– Interested candidates should access the application page 

– Essays must be written in English and reflect original thought.

– Each participant is limited to one entry.

– Entries must be endorsed by an accredited school official, parent, or legal guardian.

– Deadline for submissions is April 12, 2024.

Submission Guidelines:

– All submissions must be in PDF format and include the student’s name, home and school addresses, email address, and contact phone number.

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– Double entries will result in automatic disqualification.

– Submissions must be received by March 15, 2024, at 5:00 p.m.

Notification of Winners:

– Successful students and schools will be contacted in the second quarter of the year.

– Updates on winners will be announced on @nercng social media platforms.

The SystemSpecs Children’s Day Essay Competition offers a unique opportunity for Nigerian students to demonstrate their creativity and problem-solving skills. By addressing the theme of online child protection, participants contribute to building a safer and more secure digital environment for all. We encourage eligible students to seize this opportunity and showcase their talent and ingenuity.

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