22.1 C
22.1 C

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




Share this story

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

- Advertisement -

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.

Author profile
- Advertisement -

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 nyahaya@icirnigeria.org and @NurudeenAkewus1 on Twitter.

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

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Support the ICIR

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



Terrorists attack Zamfara mosque, kill worshippers

NO fewer than 11 worshippers have been reportedly killed in a recent attack by...

Police intercept cache of live cartridges in Lagos, arrest suspects

THE Lagos State police command said it has intercepted two commercial buses loaded with...

Data shows Nigeria’s Lassa fever death toll doubles in 2022  

Lassa fever has killed 171 persons in Nigeria since January, the latest data from...

Nasarawa State University pulls out from ASUU strike

THE management of the Nasarawa State University, Keffi, (NSUK), has announced that the institution...

Why Tinubu left Osinbajo out of campaign council

THE Tinubu/Shettima Presidential Campaign Council has cleared the air on the exclusion of Vice...

Most Read


Subscribe to our newsletter