On the aggregate, Value Added Tax (VAT) for Q2 2022 was reported at N600.15 billion, showing a growth rate of 1.96% on a quarter-on-quarter basis from N588.59 billion in Q1 2022. Local payments recorded were N359.12 billion, while Foreign VAT Payment contributed N111.13 billion in Q2 2022. On a quarter-on-quarter basis, Electricity, gas, steam and air conditioning supply recorded the highest growth rate with 116.47%, followed by Accommodation and food service activities with 42.44%. On the other hand, Activities of extraterritorial organizations and bodies had the lowest growth rate with –42.39%, followed by Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with –36.57%. In terms of sectoral contributions, the top three largest shares in Q2 2022 were Manufacturing with 33.08%; Information and communication with 18.98%; and Mining & quarrying with 10.60%. Conversely, Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.03%, followed by Activities of extraterritorial organizations and bodies with 0.05%; and Water supply, sewerage, waste management and remediation activities with 0.13%. However, on a year-on-year basis, VAT collections in Q2 2022 increased by 17.16% from Q2 2021.
Data source: National Bureau of Statistics