Nigeria’s VAT Earnings Rise 1.96% to N600 billion in Q2 2022 ~NBS

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Nigeria generated N600.15 billion as value-added tax (VAT) in the second quarter of 2022, 1.96 per cent better than the amount generated in the previous quarter, according to the latest data from the National Bureau of Statistics (NBS).
NBS indicated that Nigeria generated N588.59 billion in Q1 2022.
The report stated that the country earned a total of N359.12 billion in the second quarter of the year from domestic VAT collection.
“On the aggregate, value-added tax (VAT) for Q2 2022 was reported at N600.15 billion, showing a growth rate of 1.96 per cent on a quarter-on-quarter basis from N588.59 billion in Q1 2022,” the report reads.
“Local payments recorded were N359.12 billion, while foreign VAT payment contributed N111.13 billion in Q2 2022.
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“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.
The report added that activities of extraterritorial organizations and bodies had the lowest growth rate with -42.39 per cent, followed by activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with -36.57 per cent.
On sectoral contributions, the top three largest shares in the second quarter of 2022 were manufactured with 33.08 per cent; information and communication with 18.98 per cent; and mining and quarrying with 10.60 per cent.
Conversely, 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, followed by activities of extraterritorial organizations and bodies with 0.05 per cent, and water supply, sewerage, waste management and remediation activities with 0.13 per cent.
However, on a year-on-year basis, VAT collections in the second quarter of the year increased by 17.16 per cent from the first quarter level.
Nigeria charges a 7.5 per cent VAT rate on goods and services in the country and external transactions conducted by foreign firms without offices in the country.