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NBS says FG Generates N697Bn from VAT in Q4 2022
The National Bureau of Statistics (NBS) has said the federal government generated N697.38 billion as Value Added Tax (VAT) in the fourth quarter of 2022.
The Bureau disclosed this in its “Sectoral Distribution of Value Added Tax” report for Q4 2022, released on Wednesday.
According to the bureau, the figure represents a growth rate of 11.51 per cent on a quarter-on-quarter basis from N625.39 billion in Q3 2022.
Out of the total amount generated, it said local payments recorded were N408.12 billion, foreign VAT payments were N159.83 billion, and import VAT contributed N129.43 billion in Q4 2022.
The NBS said on a quarter-on-quarter basis, the arts, entertainment, and recreation activities recorded the highest growth rate at 43.82 per cent, followed by human health and social work activities with 35.82 per cent.
“On the other hand, Agriculture, forestry and fishing had the lowest growth rate with –30.12 per cent, followed by activities of extraterritorial organizations and bodies with –19.81 per cent,” the report said.
In terms of sectoral contributions, the report said the top three largest shares in Q4 2022 were manufacturing at 32.17 per cent, information and communication at 18.05 per cent and public administration and defence, compulsory social security at 9.87 per cent.
However, the NBS said that on a year-on-year basis, VAT collections in Q4 2022 increased by 23.71 per cent from Q4 2021.
In its Company Income Tax (CIT) data for Q4 2022, the NBS said the CIT in the fourth quarter of 2022 was reported at N753.88 billion.
It said the figure represents a growth rate of -6.95 per cent on a quarter-on-quarter basis from N810.19 billion in Q3 2022. It added that the local payments received were N353.90 billion, while foreign CIT payments contributed N399.98 billion in Q4 2022.
On a quarter-on-quarter basis, the bureau said the water supply, waste management and remediation activities recorded the highest growth rate with 57.40 per cent, followed by activities of households as employers, undifferentiated goods and services-producing activities of households for own use with 45.19 per cent.
It noted that information and communication activities had the lowest growth rate at – 65.75 per cent, followed by arts, entertainment and recreation activities at -64.09 per cent.
In terms of sectoral contributions, the NBS said the top three largest shares in Q4 2022 were manufacturing at 31.20 per cent, financial and insurance activities at 12.96 per cent, and information and communication activities at 12.77 per cent.
The Federal Government has inaugurated the new Board of Directors of Galaxy Backbone Limited (GBB). The board’s mandate is to lead Nigeria’s digital transformation in Information and Communication Technology (ICT) infrastructure and services.
It will support Federal Government Ministries, Departments, and Agencies (MDAs) in a fast-changing landscape.
George Akume, Secretary to the Government of the Federation, led the inauguration. He emphasised the government’s commitment to making GBB more agile, responsive, and impactful. The aim is to drive national digital public infrastructure and service delivery. This was according to a statement by Segun Imohiosen, Director of Information and Public Relations.
The board has George Akume as Chairman. Its members include Rabi’a Adamu Waziri from the Petroleum Technology Development Fund (PTDF), Abubakar Abdulqadir Maje from the Joint Stock Association (JSA), Kemi Owonubi from the Ministry of Finance Incorporated (MOFI), and Margareth Ebute from the Ministry of Communications and Digital Economy.
Other members are Ibrahim Adeyanju, Olusegun, Olumbe Akinkugbe, Sanni Ibrahim Mohammed, and Adama Pindar from Galaxy Backbone Limited.
In his acceptance speech, Prof. Ibrahim Adepoju Adeyanju, Managing Director of Galaxy Backbone Limited, assured that the board will focus on sustainability. He said it plans to realign its vision and build a strong foundation for achieving strategic goals.
He also noted that within one year, the agency developed its Integrated Digital Transformation Strategy (IDTS). This strategy will run from 2025 to 2028.
Smart Treasure (ST Team) has honored the Deji of Akure, His Royal Highness Ọbá Aladetoyinbo Ogunlade Aladelusi, Odundun II, CFR, with a plaque of recognition for his dedication to the welfare of his subjects.
The presentation was made at the monarch’s palace in Akure by a delegation led by Instructor Luke Mbadugha from the Lagos Operations Center.
The visit was part of ongoing discussions on a partnership aimed at boosting agriculture in Akure, Ondo State.
The initiative, spearheaded by the ST Team, seeks to ensure the availability of farmland for agricultural purposes.
Under the arrangement, the ST Team will provide seedlings and manpower, while a significant portion of the proceeds will be distributed to the indigenes at no cost.
The remaining proceeds will support the administrative operations of the ST Team.
In his response, Ọbá Aladetoyinbo announced the allocation of a parcel of land at Ofosu, along the Ondo-Benin Road, for the project.
He described the initiative as a commendable effort to enhance food security for both the local community and the nation.
The monarch also called for a follow-up meeting to facilitate the assessment of the land for the project’s commencement.
Meanwhile, farming activities are set to resume at Aladodo Isikan in Akure South Local Government Area, another site designated for the agricultural project.
The four-acre land will be used to cultivate crops such as yam, cassava, plantain, and maize. A test run of maize planting began on April 9, 2025, with expectations of harvesting in three months.
Kabiesi Akinwunmi Adekanmbi Obey, the monarch of Olulero Okelero, Onitan Isikan, lauded the ST Team for their commitment to ensuring food availability.
He emphasized the importance of agriculture, stating, “Whoever brings food brings life.”
The ST Team, an investment platform dedicated to reducing poverty in Africa by 30% by 2027, has been actively involved in various Corporate Social Responsibility programs, including this agricultural initiative.
The project underscores their mission to create financial freedom and improve the quality of life for individuals across the continent.
Zinox Technologies Limited, a leading ICT solutions provider in West Africa, has engaged with the Tertiary Education Trust Fund (TETFUND) in Abuja, marking a significant step towards advancing innovation and sustainable energy solutions within Nigeria’s tertiary education landscape.
Dr. Leo Stan Ekeh, Zinox Chairman (left) and Arc. Sonny Echono, Executive Secretary, TETFUND (right) after the meeting
Under the theme “Advancing Innovation for a Sustainable Future,” the meeting aimed to establish a collaborative framework for technological transformation.
The Zinox delegation was led by Dr. Leo Stan Ekeh, its chairman, and included key members of the company’s executive management team.
On the TETFUND side, Arc. Sonny Echono, executive secretary, was joined by members of his top management team for the high-level discussions.
The highlight of the visit was the establishment of a strategic partnership between Zinox Technologies and TETFUND to provide renewable energy solutions to universities and polytechnics across Nigeria.
Additionally, Mrs. Kelechi Eze-Okonta, managing director, delivered a comprehensive, world-class presentation on the company’s diverse verticals and advanced ICT services, underscoring the need for intentional policy measures to support indigenous technologies for sustainable economic growth.
The TETFUND team expressed their appreciation for Zinox’s contributions to technology awareness, implementation, and adoption in Africa.
Arc. Sonny Echono, executive secretary of TETFUND, conveyed his deep appreciation for the visit by the Zinox team and commended Dr. Leo Stan Ekeh for his unwavering and impactful contributions to Nigeria’s digital transformation, stating that efforts are underway to establish a framework for effective energy solutions in tertiary institutions.
Highlighting Zinox Technologies’ expertise and proven track record, Arc. Echono expressed optimism about partnering with the company to develop scalable and efficient power solutions for academic institutions.
While both organizations remain committed to implementing innovative initiatives that enhance institutional capacity across the nation’s higher education sector, the visit marks a significant milestone in establishing a strategic partnership to equip Nigeria’s tertiary institutions with the essential technological infrastructure for a sustainable, digitally-driven future.
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