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.
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.
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%.
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%.
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.
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.
ASUU SET TO COMMENCE INDEFINITE STRIKE NEXT WEEK
NASU SET TO EMBARK ON INDEFINITE STRIKE THIS WEEK
SSANU SETS TO JOIN NLC STRIKE ACTION THIS WEEK
The Senior Staff Association of Nigerian Universities has said it will join the proposed strike of the Nigeria Labour Congress.
Recently, the NLC and Trade Union Congress declared an indefinite strike action from October 3, 2023, to protest the insensitivity of the government in providing palliatives to cushion the effects of the removal of fuel subsidy.
SSANU, in a communique issued at the end of the 45th regular National Executive Council, held at the University of Maiduguri, Borno State, and made available to The PUNCH on Sunday, read, “NEC in session after due deliberations agreed that SSANU as an affiliate of the NLC, will join the strike to protest the insensitivity of government in providing palliatives to cushion the effects of removal of fuel subsidy.
NEC, therefore, mandated all branches to mobilise her members to join the strike as declared as the demands before government also includes the release of withheld salaries of university workers.”
The communique, signed by the SSANU national president, Mr. Mohammed Ibrahim, complained that it felt seriously agitated by the report of the ad hoc Committee of Pro-Chancellors of state-owned universities, which among other things, recommended that state universities should not participate in nationwide industrial actions.
“It was obvious that SSANU complied with all legal provisions including giving adequate notices to the appropriate authorities but were forced to embark on that strike due to the government’s failure to honour her part of the agreement.
“SSANU, therefore, earnestly requests the government to pay the withheld salaries without any further delay considering the harsh economic realities currently faced by citizens in the country as the government is aware, the value for the money has already been eroded by hyperinflation.”
“NEC recalled the renegotiation of salaries for her members with the committee led by the late Professor Nimi Briggs that was at the final stage where SSANU demanded 700 per cent wage increase but the committee offered a 23.5 per cent and 35 per cent review to our members,” it read.
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