• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Opinions Op-Eds

VAT collections up in Q1 2022

CSL Stockbrokers by CSL Stockbrokers
June 30, 2022
in Op-Eds
Nigeria records N600.15 billion from VAT in Q2 2022
Share on FacebookShare on TwitterShare on Linkedin

The National Bureau of Statistics (NBS) published data on the revenue generated from Value Added Tax (VAT) collections in Q1 2022. The total VAT collected in Q1 2022 was N588.6bn, an improvement of 18.6% y/y and 4.4% q/q compared to N496.3bn in Q1 2021 and N563.7bn in Q4 2021.

Apart from the continued recovery in consumer spending, the increased VAT revenue in Q1 2022 can be attributed to the effect of inflation on the prices of goods and services. Since VAT is deducted by applying VAT rate on the value of transactions, an increase in prices of goods and services will necessarily imply growth in VAT collections (+18.6% y/y).

Further analysis of the data provided insight into the level of contribution to VAT revenue in Q1 2022. As noted earlier, VAT collections grew by 18.6% y/y, largely driven by VAT on locally produced goods (i.e., non-import VAT) alongside Nigerian Custom Service (NCS)- Import VAT which increased by 53.0% y/y and 26.7% y/y, respectively.

RelatedStories

FEC approves new connectivity and AI initiatives to drive digital transformation in Nigeria 

FAAC: FG, States, LGAs share N1.578tn March 2025 revenue as allocation falls for third straight month  

April 15, 2025
REPS

Reps committee adopts Tax Reform Bills as a working document, maintains VAT at 7.5%

March 13, 2025

The y/y growth in VAT on locally produced goods reflects the continued recovery in consumption, post the
peak of the pandemic in 2020 and the persistent inflationary pressures. On the other hand, the q/q growth of 4.4% in VAT revenue was driven by Non-Import (foreign) VAT which increased by 14.0% q/q, further supported by a 3.2% q/q growth in VAT on locally produced goods. Notably, while the q/q growth in VAT on locally produced goods is not broad-based, the sectors that contributed most to the q/q increase are Education (+18.0% q/q),
Manufacturing (+9.8% q/q) and Mining & Quarrying (+23.5% q/q) sectors.

Like the improvement in CIT collections (+35.6% y/y), growth in VAT revenue (+18.6% y/y) at the start of the year is quite promising. Given the expectations of continued inflationary pressures, we expect VAT revenue to continue to grow amid the expected consumer spending during election period.

Hence, just like we saw in 2021, we believe the non-oil revenue in 2022 arising from VAT and CIT collections will likely outperform 2022 budget estimates, which is considered helpful, especially at a time when high subsidy payments and low oil production keep throwing a spanner in the works of oil revenue. As of November 2021, the actual VAT revenue of N360.5bn outperformed the 2021 budgeted revenue by 1.5x.


CSL Stockbrokers Limited, Lagos (CSLS) is a wholly owned subsidiary of FCMB Group Plc and is regulated by the Securities and Exchange Commission, Nigeria. CSLS is a member of the Nigerian Stock Exchange


Follow us for Breaking News and Market Intelligence.
Tags: VAT
CSL Stockbrokers

CSL Stockbrokers

Related Posts

FEC approves new connectivity and AI initiatives to drive digital transformation in Nigeria 
Economy

FAAC: FG, States, LGAs share N1.578tn March 2025 revenue as allocation falls for third straight month  

April 15, 2025
REPS
Economy

Reps committee adopts Tax Reform Bills as a working document, maintains VAT at 7.5%

March 13, 2025
Economy

Nigeria’s VAT revenue hits N6.72 trillion in 2024, surges by 84.62% 

January 31, 2025
NACCIMA seeks disclosure of 2024 government fiscal policy in Nigeria for economic stability
Economy

NACCIMA urges Tinubu to slash corporate taxes to 19%, VAT to 7.5%  

January 6, 2025
Company tax
Economy

FG’s tax reforms have not addressed unique needs of Nigeria’s regions – Report 

December 13, 2024
Tax,
Economy

Nigeria’s VAT collection hits N1.78 trillion in Q3 2024  

December 8, 2024
Next Post
Moove

DEAL: Nigerian startup, Moove secures $20 million credit from British International Investment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Abia Govt secures $263.8 million from AfDB, IsDB for road, erosion, and waste management projects 
  • EFCC secures jail term, forfeiture of N653 million from traveller who concealed cash at Kano Airport 
  • FG adopts front-of-pack labelling to tackle diet-related diseases and cut NCD deaths

Follow us on social media:

Recent News

AfDB, AI

Abia Govt secures $263.8 million from AfDB, IsDB for road, erosion, and waste management projects 

July 16, 2025
EFCC secures jail term, forfeiture of N653 million from traveller who concealed cash at Kano Airport 

EFCC secures jail term, forfeiture of N653 million from traveller who concealed cash at Kano Airport 

July 16, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics