In the first half of 2022, value-added tax (VAT) brought in N1,19 trillion for Nigeria. When compared to the N1 trillion earned in the same period of 2021, this is an increase of 19% year over year (YoY).
In its VAT report for the second quarter of the year (Q2 ’22), released over the weekend, the National Bureau of Statistics (NBS) noted that local VAT payments were recorded at N703.16 billion, an increase of about 70% over the N412.28 billion reported in the previous similar period.
The information additionally revealed that overseas VAT payments contributed N229.11 billion, which is 39.6% less than the N379.33 billion reported in H1 ’21. The nation generated N600.15 billion in VAT in the first quarter of 2022 (Q2 ’22), according to quarterly statistics.
The amount represents a 1.96 percent rise over the N588.59 billion produced in Q1 of 22.
“Local payments were N359.12 billion in Q2 ’22, but overseas VAT payments were N111.13 billion.
“With a growth rate of 116.47 percent, the provision of electricity, gas, steam, and air conditioning outpaced all other economic activity, with lodging and food service coming in second at 42.44 percent.
“On the other hand, activities of extraterritorial organizations and bodies had the lowest growth rate, at -42.39 percent. These activities were followed by those of households acting as employers and undifferentiated activities of households producing goods and services for their own consumption, at -36.57 percent.
Manufacturing had the top three greatest sectoral shares in Q2 of 22 with 33.08 percent, information and communication had 18.9 percent, and mining and quarrying had 10.6 percent, according to the report.