Nigerian and foreign companies have remitted a total of N588.59 billion from Value Added Tax (VAT) in the first three months of this year.
This is an 18.58 per cent increase when compared to N496.3 billion on VAT collected by the federal government during the same period in 2021.
The National Bureau of Statistics (NBS) disclosed these details on Friday in its latest VAT report.
The report also showed that VAT increased by 4.41 percent quarter-on-quarter from N563.72 billion in the fourth quarter of 2021.
On the breakdown, NBS noted that local companies’ payments recorded were N344.04 billion in Q1 2022, while foreign companies VAT payment stood at N117.99 billion.
“In terms of 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,” the NBS said.
Manufacturing companies paid N112.9 billion followed by information and communication companies N58.84 billion while mining and quarrying sector paid N40.78 billion.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: How roadside foods endanger consumers’ life with trans fat in northern Nigeria
With an estimated 854,000 deaths in Nigeria, and 3,229 attributed to trans fatty acids (TFA) -related cardiovascular deaths, ADESOLA IKULAJOLU visited Nigeria’s...
INVESTIGATION: Untold story of Ondo oil producing communities battling poor health system
Access to quality healthcare is one of the nightmares of communities in Ilaje local government area of Ondo State. Despite...
FEATURE: Ogun residents, waste collectors trade blames, as refuse litter environment
TIJANI ABDULKABEER, a journalist from the University of Ibadan, during a recent trip to Sango Otta, Ogun State took a look...
INVESTIGATION: How online fraudsters siphon victims’ funds through ‘SportyBet’ platform
As Nigeria transits into a cashless society, the evolution also creates opportunities for internet scammers to take advantage of unsuspecting...
SPECIAL REPORT: Enugu govt watches as waste takes over state, threatens public health, environment
In this report, Arinze Chijioke looks at how delays in evacuation of waste in Enugu State encourages indiscriminate waste disposal, its health implications, and how...