Nigeria generated 600.15 billion naira from VAT in the second quarter – Arise News
The Nigerian federal government generated the sum of N600.15 billion from Value Added Tax (VAT) in the second quarter of the year (Q2 2022), the National Bureau of Statistics (NBS) revealed on Monday.
The figure represented a growth rate of 1.96% from the 588.59 billion naira recorded in the previous quarter.
According to the Value Added Tax (VAT) report for the second quarter of 2022, which was obtained from the statistical agency’s website, local payments accounted for N359.12 billion of total collections, while foreign VAT payments contributed N111.13 billion during the reporting period.
Quarter-on-quarter, the supply of electricity, gas, steam and air conditioning recorded the highest growth rate with 116.47%, followed by accommodation and catering activities with 42.44%.
According to the apex statistical agency, the activities of extraterritorial organizations and bodies recorded the lowest growth rate with -42.39%, while the activities of households as employers, the undifferentiated activities of production of goods and household services for own use accounted for -36.57%.
In terms of sectoral contributions, manufacturing industry with 33.08%, information and communication 18.98%, and mining and quarrying 10.60% – were the three main shares of TVA in the second quarter.
On the other hand, activities of households as employers, undifferentiated activities of production of goods and services of households for their own use recorded the lowest share with 0.03%, followed by activities of extraterritorial organizations and bodies with 0.05%; and water supply, sewerage, waste management and sanitation activities at 0.13%.
Essentially, supply of electricity, gas, steam and air conditioning accounted for N3.97 billion naira in VAT, education 46.60 billion naira, arts, entertainment and recreation 619.19 million naira and construction N4.08 billion.
Accommodation and food services contributed N5.24 billion in consumption tax, while the activities of offshore organizations and bodies accounted for N165.38 million.
Financial and insurance activities contributed 22.34 billion naira, information and communication technology 68.18 billion naira and manufacturing 118.80 billion naira during the period considered.
Other VAT contributors included transportation and storage of N15.50 billion and real estate activities of N945.30 billion.
The Nigeria Customs Service (NCS) import VAT accounted for N129.89 billion, while wholesale and retail trade and repair of motor vehicles and motorcycles accounted for N16.21 billion.
Mining and quarrying contributed 38.08 billion naira to VAT while other services accounted for 15.24 billion naira as well as human and social activities which accounted for 681.61 million naira during the the period under review.
Additionally, year-on-year, Q2 VAT collections increased by 17.16% compared to Q2 2021.