Nigeria: Nigeria Gets N600.15bn from VAT Collections -NBS

The National Bureau of Statistics (NBS), says the aggregate Value Added Tax (VAT) was reported at N600.15 billion for the second quarter of the fiscal year 2022.

This is according to the VAT report released in Abuja. According to the Bureau’s report, this shows a growth rate of 1.96 per cent on a quarter-on-quarter basis from N588.59 billion in Q1 2022.

The report said the local payments recorded were N359.12 billion, while due to higher imports, foreign value added tax payments contributed N111.13 billion in the second quarter of the fiscal year 2022.

It said on a quarter-on-quarter basis, electricity, gas, steam and air conditioning supply recorded the highest growth rate with 116.47 per cent, followed by accommodation and food service activities with 42.44 per cent

“On the other hand, activities of extraterritorial organisations and bodies had the lowest growth rate with 42.39 per cent.

“This was followed by activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with 36.57 per cent.”

In terms of sectorial contributions, the report showed the top three largest shares in Q2 2022 were manufacturing with 33.08 per cent, information and communication with 18.98 per cent, and mining and quarrying with 10.60 per cent.

“On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.03 per cent.

Extraterritorial organisations and bodies with 0.05 per cent; and water supply, sewerage, waste management and remediation activities with 0.13 per cent.”

The report, however, said, on a year-on-year basis, VAT collections in Q2 2022 increased by 17.16 per cent from Q2 2021.