N588.59 billion Collected AS VAT In Q1 – NBS

The National Bureau of Statistics, NBS, in its quarterly report said it collected a total of N588.59 billion as Value Added Tax in the first quarter of 2022.

 

Newsonline reports that NBS disclosed that the N588.59 billion collected on VAT  shows a growth rate of 4.41 percent on a quarter-on-quarter basis from the N563.72 billion collected in the last quarter of 2021.

 

National Bureau of Statistics stated in its report that on a year-on-year basis, VAT collections in Q1 of 2022 increased by18.58 percent compared to the collection in the corresponding quarter in 2021.

 

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The NBS report showed that local VAT payments were N344.04 billion, while foreign VAT payments were N117.99 billion in Q1 of 2022.

 

“This was followed by water supply, sewerage, and waste management and remediation activities with 47.62 percent,” the NBS report stated.

 

Agriculture, forestry, and fishing had the lowest growth rate of minus 31.04 percent, followed by real estate activities with minus18.74 percent.

 

The NBS report further showed that the top three largest contributors in Q1 2022 were Manufacturing with 32.84 percent; Information and Communication with 17.10 percent; and Mining and Quarrying with 11.85 percent.