Business
Nigeria generates N600.1bn from VAT in Q2
The Federal Government generated N600.15 billion as Value Added Tax (VAT) in the second quarter of this year.
The National Bureau of Statistics (NBS) disclosed this in its VAT Q2 2022 Report released on Saturday in Abuja.
The figure, according to the bureau, was 1.96 percent higher than the N588.59 billion recorded in Q1 2022.
The NBS however, said, on a year-on-year basis, VAT collections in Q2 2022 increased by 17.16 percent from Q2 2021.
The agency revealed that N359.12 billion was generated as Non-Import VAT locally while Non-Import VAT for foreign contributed N111.13 billion in Q2 2022.
The report read: “On a quarter-on-quarter basis, electricity, gas, steam and air conditioning supply recorded the highest growth rate with 116.47 percent, followed by accommodation and food service activities with 42.44 per cent
READ ALSO: Nigeria’s VAT revenue rose to N563.72bn in Q4 2021 – NBS
“On the other hand, activities of extraterritorial organisations and bodies had the lowest growth rate with 42.39 percent.
“This was followed by activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with 36.57 percent.
“In terms of sectoral contributions, the top three largest contributors in Q2 2022 were manufacturing with 33.08 per cent, information and communication with 18.98 percent, and mining and quarrying with 10.60 percent.
“On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.03 percent.
“This was followed by activities of extraterritorial organisations and bodies with 0.05 percent; and water supply, sewerage, waste management and remediation activities with 0.13 percent.”
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