The National Bureau of Statistics (NBS) reported at the weekend that the aggregate Value Added Tax (VAT) collected in the second quarter this year rose to N600.15 billion, representing 1.96 percent growth over N588.59 billion accruals from the revenue source in the preceding month.
The Bureau, in its latest published ‘VAT Q2 2022 Report’, indicated that locally collected VAT totaled N359.12 billion compared to the foreign VAT payments of N111.13 billion in the quarter under review
The report showed that on a year-on-year basis, VAT collections in Q2, 2022 increased by 17.16 percent from Q2 2021.
On a quarter-on-quarter basis, the Bureau reported that electricity, gas, steam and air conditioning supply recorded the highest growth rate of 116.47 percent, followed by accommodation and food service activities which grew by 42.44 percent
The NBS clarified: “On the other hand, activities of extraterritorial organisations and bodies had the lowest growth rate with 42.39 per cent.
“This was followed by activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with 36.57 per cent”, it added.
A further analysis of the report on sector-by-sector basis showed that the top three contributing sectors were Manufacturing with 33.08 percent, Information and Communication Technology with 18.98 percent, and Mining and Quarrying with 10.60 percent.
The statistics agency disclosed that conversely, activities of households as employers, undifferentiated goods-and services-producing activities of households for own use recorded the least share with 0.03 percent.
It added that the households’ VAT contribution was followed by activities of extraterritorial organisations and bodies with 0.05 per cent; and water supply, sewerage, waste management and remediation activities with 0.13 per cent.”
