Nigeria generates N600.1bn from VAT in Q2


The Federal Authorities generated N600.15 billion as Worth Added Tax (VAT) in the second quarter of this yr.

The Nationwide Bureau of Statistics (NBS) disclosed this in its VAT Q2 2022 Report launched on Saturday in Abuja.

The determine, in response to the bureau, was 1.96 p.c increased than the N588.59 billion recorded in Q1 2022.

The NBS nevertheless, stated, on a year-on-year foundation, VAT collections in Q2 2022 elevated by 17.16 p.c from Q2 2021.

The company revealed that N359.12 billion was generated as Non-Import VAT regionally whereas Non-Import VAT for international contributed N111.13 billion in Q2 2022.

The report learn: “On a quarter-on-quarter foundation, electrical energy, fuel, steam and air-con provide recorded the best progress price with 116.47 p.c, adopted by lodging and meals service actions with 42.44 per cent

READ ALSO: Nigeria’s VAT income rose to N563.72bn in This fall 2021 – NBS

“However, actions of extraterritorial organisations and our bodies had the bottom progress price with 42.39 p.c.

“This was adopted by actions of households as employers, undifferentiated goods- and services-producing actions of households for personal use with 36.57 p.c.

“By way of sectoral contributions, the highest three largest contributors in Q2 2022 have been manufacturing with 33.08 per cent, info and communication with 18.98 p.c, and mining and quarrying with 10.60 p.c.

“However, actions of households as employers, undifferentiated goods- and services-producing actions of households for personal use recorded the least share with 0.03 p.c.

“This was adopted by actions of extraterritorial organisations and our bodies with 0.05 p.c; and water provide, sewerage, waste administration and remediation actions with 0.13 p.c.”

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