VAT Collection Hits a Record High of N589bn in 2022 – NBS

The National Bureau of Statistics (NBS) says that on the aggregate, Value Added Tax (VAT) collection stood at N588.59 billion in the first quarter of 2022.

NB stated that the collections recorded a growth of 4.41 per cent on a quarter-on-quarter basis from the N563.72 billion collected in the last quarter of 2021.

It noted, however, that on a year-on-year basis, VAT collections in Q1 of 2022 increased by 18.58 per cent compared to the collection in the corresponding quarter in 2021.

It explained that local VAT payments recorded N344.04 billion, while foreign VAT payments contributed N117.99 billion in Q1 of 2022.

The report showed that on a quarter-on-quarter basis, activities of extraterritorial organisations and institutions recorded the highest growth rate with 469.32 per cent.

“This was followed by water supply, sewerage, and waste management and remediation activities with 47.62 per cent.’’ The NBS noted.

The report showed, however, that agriculture, forestry and fishing had the lowest growth rate of minus 31.04 per cent, followed by real estate activities with minus18.74 per cent.

In terms of sectorial contributions, it showed the top three largest contributors in Q1 2022 as Manufacturing with 32.84 per cent; Information and Communication with 17.10 per cent; and Mining and Quarrying with 11.85 per cent.

The report showed that 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