Nigeria experience VAT increase in Q2- NBS

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Nigeria’s Value Added Tax for the second quarter of 2022 has leaped to N600.15 billion, the National Bureau of Statistics (NBS) has revealed.

This was contained in the VAT Q2 2022 Report released in Abuja over the weekend.

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 sectorial 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.

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