In the third quarter of 2022, Nigeria generated ₦625.39 billion in Value-Added Tax (VAT), according to data from the National Bureau of Statistics (NBS).
The NBS stated that the amount reflects a growth of 4.21 percent from the ₦600.15 billion earned in Q2 2022 in its most recent report on the sectoral allocation of VAT for Q3 2022, which was published on Monday.
The report states that ₦367.93 billion in local VAT payments were made in Q3 2022.
“On the aggregate, value-added tax (VAT) for Q3 2022 was reported at ₦625.39 billion, showing a growth rate of 4.21 percent on a quarter-on-quarter basis from ₦600.15 billion in Q2 2022,” the report reads.
“Local payments recorded were ₦367.93 billion, foreign VAT payments were ₦121.85 billion, while import VAT contributed ₦135.61 billion in Q3 2022.
“On a quarter-on-quarter basis, the arts, entertainment, and recreation supply activities recorded the highest growth rate with 61.09 percent, followed by activities of extraterritorial organisations and bodies with 44.47.”
According to the NBS report, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use, and water supply, sewerage, waste management, and remediation activities had the lowest growth rate of -56.37 percent, followed by water supply, sewerage, waste management, and remediation activities at -32.02 percent.
“In terms of sectoral contributions, the top three largest shares in Q3 2022 were manufacturing with 31.08 percent, information and communication with 18.52 percent, and mining and quarrying with 10.95 percent,” NBS said.
“Conversely, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01 percent, followed by activities of extraterritorial organisations and bodies with 0.06 percent, and water supply, sewerage, waste management, and remediation activities with 0.08 percent.”
VAT collections in Q3 2022 increased by 24.95 percent from Q3 2021.
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