There were increased earnings of 19 percent year-on-year (YoY) in the first six months of 2022  from the value-added Tax when compared to N1 trillion earned in the corresponding period of 2021 to N1.19 trillion.

According to the National Bureau of Statistics (NBS) report for the second quarter of the year (Q2 ’22, released recently,  it showed local VAT payments recorded were N703.16 billion, about 70 percent improvement on N412.28 billion posted in the previous corresponding period.

The data also showed that foreign VAT payments contributed N229.11 billion, which is 39.6 per cent short of N379.33 billion recorded in H1 ‘21. On quarterly analysis, the country generated N600.15 billion VAT in the second quarter of 2022 (Q1 ’22).

The figure represented an increase of 1.96 per cent from the N588.59 billion generated in Q1 ‘22.

“Local payments recorded were N359.12 billion, while foreign VAT payment contributed N111.13 billion in Q2 ’22.

“Electricity, gas, steam and air conditioning supply recorded the highest growth rate with 116.47 per cent, followed by accommodation and food service activities with 42.44 per cent.

“On the other hand, activities of extraterritorial organisations and bodies had the lowest growth rate with –42.39 per cent, followed by activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with –36.57 per cent.

“In terms of sectoral contributions, the top three largest shares in Q2 ’22 were manufacturing with 33.08 per cent, information and communication with 18.9 per cent and mining and quarrying with 10.6 per cent,” the report said.