Nigeria collects $1.4Bn in VAT in Q3 2022

Nigeria’s federal government generated 625.39 billion nairas ($1.4 billion) in value-added tax (VAT) in the third quarter of 2022, reports say.

The figure accounts for 25.95% increase from the previous year. The tax payments collected rose by 4.21% from 600.15 billion nairas in the second quarter of the year per data gathered by National Bureau of Statistics (NBS).

Arts, entertainment and recreation supply activities recorded the highest growth rate of 61.09%, followed by activities of extraterritorial organizations and bodies (44.47%), the data also show.

Foreign VAT payments amounted to 121.85 billion nairas, while import VAT contributed 135.61 billion nairas in the third quarter. The three largest shares came from manufacturing (31.08%), information and communication (18.52%), and mining and quarrying (10.95%).