Nigeria Earned N588.59bn From VAT In Three Months—NBS

The sum of N588.59bn was earned by the federation in the first quarter of this year, figures obtained from the National Bureau of Statistics have revealed.

The amount earned from VAT, according to the NBS represents an increase of 4.41 per cent over the N563.72bn recorded during the period under review.

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A breakdown of the NBS data showed that the sum of N344.04bn was recorded as local payments in the first quarter of the year, while foreign VAT payment contributed N117.99bn.

The Report stated, “On the aggregate, Value Added Tax for Q1 2022 was reported at N588.59bn, a growth of 4.41 per cent on a quarter-on-quarter basis from N563.72 billion in Q4 2021.


“Local payments recorded were N344.04bn in Q1 2022, while Foreign VAT Payment contributed N117.99bn.”

On a quarter-on-quarter basis, the Report stated that 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.

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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 the first quarter of this year 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 2022 increased by 18.58 per cent from the first quarter of 2021.

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