The National Bureau of Statistics (NBS) has revealed that electricity, gas, steam, and air conditioning supply contributed N 3,323,664,818.81 out of N697.38 billion aggregate, Value Added Tax (VAT) reported for the third Quarter Q4, 2022.
On the aggregate, Value Added Tax (VAT) for Q4 2022 was reported at N697.38 billion, showing a growth rate of 11.51% on a quarter-on-quarter basis from N625.39 billion in Q3 2022. This is according to the VAT Q4 2022 Report released on Wednesday, obtained by EnergyDay.
The growth rate on a quarter-on-quarter basis, electricity, gas, steam, and air conditioning supply for Q4,2022 reduced by 10.92 % from Q3,2022.
Evidently the growth rate for electricity, gas, steam, and air conditioning supply on a quarter-on-quarter basis, recorded the highest growth rate in Q2,2022, at 3,966,534,208.95, while it has continued to drop from 3,707,535,482.08(Q3,2022) to 3,323,664,818.81 (Q4,2022).
Meanwhile, the Arts, entertainment, and recreation activities recorded the highest growth rate with 43.82%, followed by Human health and social work activities with 35.82% in Q4, 2022.
However, on a year-on-year basis, the growth rate for electricity, gas, steam, and air conditioning supply recorded increased in Q4 2022 by 52.88 percent from Q4 2021.
VAT is a consumption tax that is administered by the Federal Inland Revenue Service (FIRS).
Revenue generated from VAT is usually disbursed to the three tiers of government through the federation accounts allocation committee (FAAC).
The 7.5 percent VAT rate became effective on February 1, 2020.