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N589bn collected as VAT in Q1 2022 – NBS

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The National Bureau of Statistics (NBS) says that on the aggregate, Value Added Tax (VAT) collection stood at N588.59 billion in the first quarter of 2022.

It stated on Friday in Abuja that the collections recorded a growth of 4.41 percent on a quarter-on-quarter basis from the N563.72 billion collected in the last quarter of 2021.

It noted, however, that on a year-on-year basis, VAT collections in Q1 of 2022 increased by18.58 percent compared to the collection in the corresponding quarter in 2021.

It explained that local VAT payments recorded N344.04 billion, while foreign VAT payments contributed N117.99 billion in Q1 of 2022.

The report showed that on a quarter-on-quarter basis, activities of extraterritorial organizations and institutions recorded the highest growth rate with 469.32 percent.

“This was followed by water supply, sewerage, and waste management and remediation activities with 47.62 percent.’’ The NBS noted.

The report showed that agriculture, forestry, and fishing had the lowest growth rate of minus 31.04 percent, followed by real estate activities with minus18.74 percent.

In terms of sectorial contributions, it showed the top three largest contributors in Q1 2022 as Manufacturing with 32.84 percent; Information and Communication with 17.10 percent; and Mining and Quarrying with 11.85 percent.

The report showed that activities of households as employers, undifferentiated goods and services-producing activities of households for own use recorded the least share with 0.04 percent

“This was followed by activities of extraterritorial organizations and bodies with 0.08 percent; and water supply, sewerage, waste management and remediation activities with 0.16 percent,’’ it stated.

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