VAT Revenue Rises By 4.4%To N588bn In Q1 – NBS

Revenue generated from Value Added Tax (VAT) rose by 4.4 per cent in the first quarter of 2022 to N588.59 billion data from the National Bureau of Statistics (NBS) has shown.

This compared to 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 per cent 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 per cent, 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 per cent, followed by real estate activities with –18.74 per cent.

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

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 per cent.