BREAKING: Nigeria’s economy grew 3.54% in Q2 2022 - NBS
File: Market in Nigeria

Nigeria’s federal government generated N588.6 billion as Value Added Tax (VAT) in the first quarter of this year (Q1’22), according to figures from the National Bureau of Statistics (NBS).

NBS disclosed this in its VAT report for Q1 2022 released on Friday.

The figure represents a 4.4 per cent quarter-on-quarter (QoQ) rise in VAT generated when compared to N563.7 billion generated in Q4’21.

The bureau said:”On the aggregate, VAT for Q1’22 was reported at N588.59 billion, a growth of 4.41 per cent on a QoQ basis from N563.72 billion in Q4 2021.

“Local payments recorded were N344.04 billion in Q1’22, while Foreign VAT Payment contributed N117.99 billion.

“On a QoQ basis, the Activities of extraterritorial organizations and bodies recorded the highest growth rate with 469.32 per cent, followed by Water supply, sewerage, waste management and remediation activities with 47.62 per cent.

“On the other hand, Agriculture, forestry and fishing had the lowest growth rate with –31.04 per cent, followed by Real estate activities with –18.74 per cent .

“In terms of sectoral contributions, the top three largest shares in Q1’22 were Manufacturing with 32.84 per cent; Information and Communication with 17.10 per cent; and Mining and Quarrying with 11.85 per cent.

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

“However, on a year-on-year basis, VAT collections in Q1’22 increased by 18.58 per cent from Q1’21. “

 

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