Nigeria’s VAT increased in Q2 to N600.15 billion as Reported By NBS.

The NBS report states that the local payments recorded were N359.12 billion, while foreign VAT payments contributed N111.13 billion in Q2 2022.

The National Bureau of Statistics (NBS) says the aggregate Value Added Tax (VAT) was reported at N600.15 billion for Q2 2022.

This is according to the VAT Q2 2022 Report released in Abuja on Saturday.

The report shows a growth rate of 1.96 per cent on a quarter-on-quarter basis from N588.59 billion in Q1 2022.

The report states that the local payments recorded were N359.12 billion, while foreign VAT payments contributed N111.13 billion in Q2 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 sectoral 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.

“This was followed by activities of 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. (NAN).

Source: PREMIUM TIMES