The National Bureau of Statistics (NBS) has reported that the aggregate Value Added Tax (VAT) collection stood at N588.59 billion in the first quarter of 2022, representing a quarter-on-quarter growth of 4.41 percent over the N563.72 billion raked in from the revenue source in Q4, 2021.
The statistics agency in its report ‘Sectorial Distribution of Value Added Tax (Q1 2022) also disclosed that when analyzed on a year-on-year basis, the Q1, 2022 VAT collections increased by 18.58 percent compared to the collection in the corresponding quarter of last year.
It further clarified that out of the total accruals, local VAT payments stood at N344.04 billion, while foreign VAT payments contributed N117.99 billion in the quarter under review.
According to the national statistical system coordinating agency, on a quarter-on-quarter basis, activities of extra-territorial organisations and institutions recorded the highest growth rate of 49.32 percent, followed by water supply, sewerage, and waste management and remediation activities with 47.62 per cent.
The VAT collection report indicated that agriculture, forestry and fishing had the lowest growth rate of -31.04 per cent, followed by real estate activities with -18.74 per cent.
In addition, the agency also stated that in terms of sectorial contributions, the top three largest contributors in the quarter under review were, Manufacturing with 32.84 percent; Information and Communications Technology with 17.10 percent; and Mining and Quarrying with 11.85 percent.
The report reflected that activities of households as employers, undifferentiated goods and services producing activities of households for own use recorded the lowest share with 0.04 percent.
They are followed by activities of extra-territorial organizations and bodies with 0.08 per cent; and water supply, sewerage, waste management and remediation activities with 0.16 per cent.
