Treasury fetches N600b, up 1.96% on Q1 2022
By Jeph Ajobaju, Chief Copy Editor
Value Added Tax (VAT) yielded N600.15 billion revenue to the treasury in the second quarter of the year ended June (Q2 2022), up 17.16 per cent year-on-year (YoY) against Q2 2021, according to the National Bureau of Statistics (NBS).
VAT is collected by the Federal Inland Revenue Service (FIRS).
A report just released by the NBS shows VAT collection in Q2 2022 grew 1.96 per cent versus N588.59 in Q1 2022.
Electricity, gas, steam and air conditioning supply saw the highest growth with 116.47 per cent quarter-on-quarter (QoQ), followed by accommodation and food service at 42.44 per cent.
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Key highlights
Per Nairametrics reporting, the key highlights of the NBS report on VAT collection in Q2 2022 are as follows:
- Total – N600.15 billion
- Local – N359.12 billion
- Foreign – N111.13 billion
Growth rate
- Manufacturing – 33.08 per cent
- Information and communication – 18.98 per cent
- Mining and quarrying – 10.60 per cent
- Extraterritorial organisations and bodies – 0.42.39 per cent
- Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use – 0.36.57 per cent
- Water supply, sewerage, waste management and remediation – 0.13 per cent
VAT N588.6b in Q1 2022
The FIRS collected N588.59 billion VAT in Q1 2021, an 18.6 per cent increase on N496.39 billion in Q1 2020, according to the NBS.
VAT rose 4.4 per cent from N563.72 billion in Q4 2021.
Manufacturing, information and communication, and mining sectors led the list with highest VAT remittances, jointly accounting for 36.1 per cent.
Breakdown
- Total non-import VAT – N344 billion (58.5 per cent of total)
- Non-import VAT – N117.99 billion (20 per cent)
- Nigerian Custom Service (imports) – N126.57 billion
Growth rate
- Activities of extraterritorial organisations – 469.32 per cent
- Water supply, sewerage, waste management and remediation – 47.62 per cent
- Agriculture, forestry, and fishing – 31.04 per cent (decline)
- Real estate – 18.74 per cent (decline)