Aggregate Value Added Tax (VAT) for the first quarter of 2023 reached N709.59 billion, according to the recently released VAT Q1 2023 Report by the National Bureau of Statistics (NBS) in Abuja on Tuesday.

The report highlights a quarter-on-quarter growth rate of 1.75 percent, compared to N697.38 billion in Q4 2022.

Within Q1 2023, local payments amounted to N436.10 billion, while foreign VAT payments contributed N151.13 billion, and import VAT contributed N122.37 billion.

The report further reveals that on a quarter-on-quarter basis, the activities of households as employers and undifferentiated goods- and services-producing activities of households for own use experienced the highest growth rate of 349.86 percent. Construction followed closely with 95.64 percent growth.

Conversely, activities of extraterritorial organizations and bodies had the lowest growth rate at -53.54 percent, while real estate activities recorded a growth rate of -47.01 percent.

In terms of sectoral contributions, the report identifies the manufacturing sector as the largest contributor, accounting for 29.65 percent of the total VAT share in Q1 2023. Information and communication followed closely with 19.29 percent, and mining and quarrying with 12.24 percent.

Conversely, activities of extraterritorial organizations and bodies had the smallest share, contributing only 0.02 percent.

The NBS report provides valuable insights into the VAT landscape for Q1 2023, showcasing the growth rates, sectoral contributions, and the importance of various payment categories.