This reflects a substantial quarter-on-quarter growth rate of 21.34%, rising from N781.35 billion in Q2 2023.

The breakdown reveals N522.08 billion in local payments, N204.58 billion in foreign VAT payments, and N221.41 billion in import VAT for Q3 2023.

Notably, agriculture, forestry, and fishing exhibited the highest quarter-on-quarter growth rate at 91.87%, followed by activities of extraterritorial organizations and bodies at 80.25%.

In addition, real estate experienced the lowest growth rate at -37.68%, trailed by construction at -9.54%. Regarding sectoral contributions, manufacturing led with 26.51%, followed by information and communication at 19.04%, and financial and insurance activities at 12.31%.

Activities of households as employers and undifferentiated goods- and services-producing activities of households for own use held the least share at 0.02%. Water supply, sewerage, waste management, and remediation activities followed with 0.06%, closely trailed by activities of extraterritorial organizations and bodies at 0.10%.

While the report showcased a remarkable year-on-year increase of 51.60% in VAT collections in Q3 2023 compared to Q3 2022, these figures underscore the dynamic landscape of economic contributions across various sectors.