Business

FG rakes in N588.59bn as VAT in Q1,2022

Value Added Tax (VAT) collection recorded significant increase in the sum of N588.59 billion in the first quarter of 2022, VAT data from the National Bureau of Statistics (NBS) confirmed.

The figure, represents growth of 4.41% on a quarter-on-quarter basis from N563.72 billion in Q4 2021.

Local payments stood at N344.04 billion in Q1 2022, while Foreign VAT Payment contributed N117.99 billion.

On a quarter-on-quarter basis, activities of extraterritorial organisations and bodies recorded the highest growth rate with 469.32%, followed by water supply, sewerage, waste management and remediation activities with 47.62%.

Agriculture, forestry and fishing had the lowest growth rate with –31.04%, followed by Real estate activities with –18.74%. In terms of sectoral contributions, the top three largest shares in Q1 2022 included manufacturing with 32.84%; Information and Communication with 17.10%; and Mining and Quarrying with 11.85%.

Conversely, activities of households as employers, undifferentiated goods – and services- producing activities of households for own use recorded the least share with 0.04%, followed by activities of extraterritorial organisations and bodies with 0.08%; and Water supply, sewerage, waste management and remediation activities with 0.16%.

However, on a year-on-year basis, VAT collections in Q1 2022 increased by 18.58% from Q1 2021.

 

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