A report from the National Bureau of Statistics (NBS), reveals that Nigeria generated N600.15 billion as value-added tax (VAT) in the second quarter of 2022.
This figure represents a 1.96 percent increase from the N588.96 billion generated in the first quarter of 2022.
According to the report , local payments of VAT amounted to N359.12 billion in Q2 2022, on a quarter-to-quarter basis, while electricity, gas, steam, and air conditioning supply, recorded the highest growth rate with 116.47 percent.
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On the other hand, activities of extraterritorial organizations and bodies had the lowest growth rate with 42.39 percent.
The report reads;
“On the aggregate, value-added tax (VAT) for Q2 2022 was reported at N600.15 billion, showing a growth rate of 1.96 percent on a quarter-on-quarter basis from N588.59 billion in Q1 2022.
“Local payments recorded were N359.12 billion, while foreign VAT payment contributed N111.13 billion in Q2 2022. 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 percent”
“On the other hand, activities of extraterritorial organizations 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 percent, 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 organizations and bodies with 0.05 percent; and water supply, sewerage, waste management and remediation activities with 0.13 percent.”
The main VAT rate in Nigeria is 7.5%, which was raised from 5% on 1st February 2020.