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, while Foreign VAT Payment contributed N117.99 billion. On a quarter-on-quarter basis, 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%. On the other hand, Agriculture, forestry and fishing had the lowest growth rate with –31.04%, followed by Real estate activities with –18.74%.
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%. 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 extraterritorial organizations and bodies with 0.08%; and Water supply, sewerage, waste management and remediation activities with 0.16%. However, on a year-on-year basis, VAT collections in Q1 2022 increased by 18.58% from Q1 2021.
Data source: National Bureau of Statistics