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How Nigeria records improved N589bn VAT payments Q1 2022 –NBS

*The National Bureau of Statistics explains the country’s Value-Added Tax 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

Emmanuel Akosile | ConsumerConnect

The National Bureau of Statistics (NBS) has disclosed the Federal Government’s aggregate Value-Added Tax (VAT) collections totalled a sum of N588.59billion in the first quarter of 2022.

ConsumerConnect reports the West African country’s tax administration regulator, which noted this development in the economy Friday, June 17, 2022, in Abuja, FCT, said 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.

The NBS report, however, that on a year-on-year basis, VAT collections Q1 of 2022 increased by 18.58 percent compared to the collection in the corresponding quarter in 2021.

Local VAT payments recorded N344.04 billion, while foreign VAT payments contributed N117.99 billion in Q1 of this year.

The report also indicated that on a quarter-on-quarter basis, activities of extraterritorial organisations and institutions recorded the highest growth rate with 469.32 percent within the period under review.

The agency further stated: “This was followed by water supply, sewerage, and waste management and remediation activities with 47.62 percent.’’

Nonetheless, the NBS report observed that Agriculture, Forestry and Fishing had the lowest growth rate of minus 31.04 percent, followed by Real Estate activities with minus 18.74 per cent.

As regards sectorial contributions, the report further indicated the three top largest contributors in Q1 2022 as Manufacturing with 32.84 percent; Information and Communications Technology (ICT) with 17.10 percent; and Mining and Quarrying with 11.85 percent.

It noted that activities of households as employers, undifferentiated goods and services producing activities of households for own use as well recorded the least share with 0.04 percent Q1 2022.

The NBA said: “This was followed by activities of extraterritorial organisations and bodies with 0.08 percent; and water supply, sewerage, waste management and remediation activities with 0.16 percent.”

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