NBS: Nigeria generated N588bn from VAT in Q1 2022 — up by 4.4% from previous quarter

The National Bureau of Statistics (NBS) says the country generated N588.59 billion as value-added tax in the first three months of 2022.

The figure represented an increase of 4.4 percent from the N563.72 billion generated in Q4 2021.

The NBS said this in its latest sectoral distribution of value-added tax for Q1 2022, released on Friday.

According to the report, local payments of VAT amounted to N344.04 billion in Q1 2022.

“On the aggregate, value-added tax (VAT) for Q1 2022 stood at N588.59 billion, a growth of 4.41 percent on a quarter-on-quarter basis from N563.72 billion in Q4 2021. Local payments recorded were N344.04 billion in Q1 2022, while foreign VAT payment contributed N117.99 billion,” the report reads.

“On a quarter-on-quarter basis, the Activities of extraterritorial organisations and bodies recorded the highest growth rate with 469.32 percent, followed by Water supply, sewerage, waste management and remediation activities with 47.62 percent.”

The report added that agriculture, forestry and fishing had the lowest growth rate with –31.04 percent, followed by real estate activities with –18.74 percent.

On sectoral contributions, the top three largest shares in Q1 2022 were manufacturing with 32.84 percent, information and communication with 17.10 percent, and mining and quarrying with 11.85 percent.

Conversely, activities of households as employers recorded the least share with 0.04 percent, followed by activities of extraterritorial organisations and bodies with 0.08 percent; and water supply, sewerage, waste management and remediation activities with 0.16 percent.

On a year-on-year basis, VAT collections in Q1 2022 increased by 18.58 percent.