Nigeria records a total of N600.15 billion from Value Added Tax (VAT) in Q2 2022. This is indicative of a 17.16% on a year-on-year basis.
This is according to a report recently released by the National Bureau of Statistics. The VAT collected in Q2 2022 grew by 1.96% when compared to the N588.59 billion in Q1 2022.
The report added that on a quarter-on-quarter basis, Electricity, gas, steam and air conditioning supply recorded the highest growth rate with 116.47%, followed by Accommodation and food service activities with 42.44%.
Key highlights of the report
Nigeria records N600.15 billion from Value Added Tax (VAT) in Q2 2022.
Nigeria earned more from local payments as the data show that local payments recorded were N359.12 billion, while Foreign VAT Payment contributed N111.13 billion in Q2 2022.
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%.
Three major contributors to the Q2 VAT are manufacturing, information and communication, and mining and quarrying, contributing 33.08%, 18.98 and 10.60% respectively.
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%.
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