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Federal Government Records High VAT in Q1’22

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CEM REPORT | Value Added Tax (VAT) for the first quarter of this year (Q1’22) stands at N588.6 billion.

This is a 4.41 percent increase from N563.72 billion the Federal Government, generated in previous quarter (Q4 2021).

While year-on-year VAT collections increase by 18.58 percent.

This is according to data released today by the National Bureau of Statistics, (NBS) in a report titled “VAT report for Q1’22”.

From the report the top three sectoral collections were Manufacturing with 32.84 percent raking in 112.97 trillion; Information and Communication 17.10 percent with  58.84 trillion; and Mining and Quarrying with 11.85 percent contributing  40.78 trillion.

On the other hand, Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.04 percent —  154.118 billion ,followed by activities of extraterritorial organizations and bodies with 0.08 percent —  287 billion; and Water supply, sewerage, waste management and remediation activities with 0.16 percent — 541.459 billion .

The report further reveals that local payments recorded 344.04 billion, while Foreign VAT Payment contributed N117.99 billion.

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

While, Agriculture, forestry and fishing recorded the lowest growth rate with –31.04 per cent, followed by Real estate activities with –18.74 per cent .

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