Nigeria generated N600.15bn from VAT in Q2 2022 — NBS

THE Federal Government generated N600.15 billion as value-added tax (VAT) in the second quarter of 2022.

This was disclosed in the VAT Q2 2022 report released by the National Bureau of Statistics (NBS) in Abuja on Saturday.

The figure represented an increase of 1.96 per cent from the N588.59 billion generated in Q1 2022.


Nigeria’s GDP grows to 3.5% in Q2 amid concerns of oil theft, inflation – NBS

Lagos, Ogun, Kano lead in number of Internet subscribers in Nigeria – NBS

Prices of rice, bread, other food items increased in March – NBS

According to the report, local payments of VAT amounted to N359.12 billion in the quarter.

“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 NBS report said.

“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 per cent, followed by accommodation and food service activities with 42.44 per cent.”

    The report added that activities of extraterritorial organisations and bodies had the lowest growth rate with -42.39 per cent, followed by activities of households for own use with -36.57 per cent.

    On sectoral contributions, 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.

    However, on a year-on-year basis, VAT collections in Q2 2022 increased by 17.16 per cent from Q2 2021.

    Nurudeen Akewushola is an investigative reporter and fact-checker with The ICIR. He believes courageous in-depth investigative reporting is the key to social justice, accountability and good governance in society. You can reach him via [email protected] and @NurudeenAkewus1 on Twitter.

    Join the ICIR WhatsApp channel for in-depth reports on the economy, politics and governance, and investigative reports.

    Support the ICIR

    We invite you to support us to continue the work we do.

    Your support will strengthen journalism in Nigeria and help sustain our democracy.

    If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation


    Please enter your comment!
    Please enter your name here

    Support the ICIR

    We need your support to produce excellent journalism at all times.

    - Advertisement


    - Advertisement