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Nigeria earned N1.19 trillion from value-added tax (VAT) in the first half of 2022, which is a 19 percent year-on-year (YoY) increase. The corresponding figure for 2021 was N1 trillion.
Nigeria earned N1.19 trillion from value-added tax (VAT) in the first half of 2022, which is a 19 percent year-on-year (YoY) increase. The corresponding figure for 2021 was N1 trillion. The National Bureau of Statistics (NBS), in its VAT report for the second quarter of the year (Q2 ’22, released recently showed that local VAT payments recorded were N703.16 billion. It was about a 70 percent improvement on N412.28 billion posted in the previous corresponding period. Of that, foreign VAT payments contributed N229.11 billion, which is 39.6 percent short of N379.33 billion recorded in Q1 ‘21.
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On quarterly analysis, the country generated N600.15 billion VAT in the second quarter of 2022 (Q1 ’22), an increase of 1.96 percent over the first quarter of 2022. In terms of sectoral contributions, the top three largest shares in Q2 ’22 were manufacturing with 33.08 percent, information and communication with 18.9 percent, and mining and quarrying with 10.6 percent.
