NIGERIA'S VAT COLLECTION FOR 2022 Q2 HITS N600BN

The National Bureau of Statistics (NBS) has reported that the Value-Added Tax (VAT) for Q2 2022 in Nigeria was N600.15 billion on aggregate, representing a 1.96% quarter-on-quarter increase from N588.59 billion in Q1 2022.

The NBS published the Value Added Tax report for the second quarter of 2022 on its website. According to the report, local payments totaled N359.12 billion in Q2 2022, while foreign VAT payments totaled N111.13 billion.

“On a quarter-to-quarter basis, however, the supply of electricity, gas, steam, and air conditioning saw the largest growth rate, at 116.47%, followed by the provision of lodging and food services, at 42.44%.

“On the other hand, activities of extraterritorial organizations and bodies had the lowest growth rate with –42.39%, followed by Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with –36.57%,” the summary of the report showed.

The report added that “In terms of sectoral contributions, the top three largest shares in Q2 2022 were manufacturing with 33.08%; information and communication with 18.98%; and mining & quarrying with 10.60%.

“Conversely, Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.03%, followed by Activities of extraterritorial organizations and bodies with 0.05%; and Water supply, sewerage, waste management and remediation activities with 0.13%.