VAT rises 4.4% to N588.59b in Q1

The National Bureau of Statistics (NBS) said in the First Quarter 2022 Q1 2022, aggregate Value Added Tax (VAT) increased by 4.4% to N588.59 billion from the N563.72 billion in Q4 2021.

Its report: “VAT Q1 2022,” which made this disclosure, said local payments recorded were N344.04 billion in the period under review while Foreign VAT Payment contributed N117.99 billion.

NBS said: “On the aggregate, Value Added Tax (VAT) for Q1 2022 was reported at N588.59 billion, a growth of 4.41% on a quarter-on-quarter basis from N563.72 billion in Q4 2021. Local payments recorded were N344.04 billion in Q1 2022.”

It added that Foreign VAT Payment contributed N117.99 billion.

On a quarter-on-quarter basis, according to the report, the Activities of extraterritorial organizations and bodies recorded the highest growth rate with 469.32%, followed by Water supply, sewerage, waste management and remediation activities with 47.62%.

The report said on the other hand, agriculture, forestry and fishing had the lowest growth rate with –31.04%, followed by real estate activities with –18.74%.

NBS noted that in terms of sectoral contributions, the top three largest shares in Q1 2022 were Manufacturing with 32.84%; Information and Communication with 17.10%; and Mining and Quarrying with 11.85%.

The report said “Conversely, Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.04%, followed by Activities of extraterr