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.
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 the society. You can shoot him a scoop via email@example.com and @NurudeenAkewus1 on Twitter.