Nigeria generates N600.1bn from VAT in Q2

The Federal Government generated N600.15 billion as Value Added Tax (VAT) in the second quarter of this year.

The National Bureau of Statistics (NBS) disclosed this in its VAT Q2 2022 Report released on Saturday in Abuja.

According to the bureau, the figure was 1.96 percent higher than the N588.59 billion recorded in Q1 2022.

However, according to the NBS, year over year, VAT collections in Q2 2022 were up 17.16% from Q2 2021.

The agency reported that Non-Import VAT generated N359.12 billion locally in Q2 2022, with Non-Import VAT from foreign sources contributing N111.13 billion.

The report read: “On a quarter-on-quarter basis, electricity, gas, steam and air conditioning supply recorded the highest growth rate with 116.47 percent, 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 percent.

“This was followed by activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with 36.57 percent.

“In terms of sectoral contributions, the top three largest contributors in Q2 2022 were manufacturing with 33.08 per cent, information and communication with 18.98 percent, and mining and quarrying with 10.60 percent.

“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 percent.

“This was followed by activities of extraterritorial organisations and bodies with 0.05 percent; and water supply, sewerage, waste management and remediation activities with 0.13 percent.”

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