简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:Nigeria has witnessed an increase in its Value Added Tax (VAT) which rose to N600.15 billion in Q2 2022, marking a 1.96% growth QoQ when compared to the N588.59 billion recorded in Q1 2022. The VAT growth on a Year-over-Year basis rose to 17.16% in Q2 2022. According to the NBS reports, the most significant growth came from electricity, steam, gas, and air-conditioners supply which grew by 116.47%.
By: Damian Okonkwo
Nigeria has witnessed an increase in its Value Added Tax (VAT) which rose to N600.15 billion in Q2 2022, marking a 1.96% growth QoQ when compared to the N588.59 billion recorded in Q1 2022. The VAT growth on a Year-over-Year basis rose to 17.16% in Q2 2022.
According to the details released by the National Bureau of Statistics (NBS) on Saturday, the VAT realized from local payments rose to N359.12 billion while those realized from foreign VAT was N111.13 billion.
Further, the report revealed that the most significant growth came from electricity, steam, gas, and air-conditioners supply which grew by 116.47%.
Also, closely following this is the food services and accommodation which rose by 42.44%.
Nonetheless, the lowest record came from extraterrestrial organizations s which recorded a 42.39% growth. Following this is the undifferentiated household goods and services which grew by 36.57%.
The VAT growth from agriculture, forestry, and fishing rose to N1.05 billion, marking a total of 26.5% growth when compared to the N827.58 million recorded in Q1 2022.
Moreover, concerning different sectors' contributions, the report showed that more shareholders were found in the Manufacturing sector which yielded 33.08%, and followed by the ICT sector which yielded 18.98%. Mining and quarrying yielded only 10.60%.
Above all, notwithstanding the current improvement recorded in the VAT growth in Q2 2022, previous findings have portrayed that the VAT has not contributed significantly towards economic growth especially as seen in the GDP. Economists would rather consider VAT as having a negative relationship with per capital income while having a positive impact on the total government revenue.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
WikiFX, as a globally leading forex investment ecosystem service platform, has always been committed to providing fair and authoritative broker verification services for forex investors, while offering solid rights protection support for every victim of forex investment. On February 26, 2025, WikiFX once again launched its annual "3·15 Forex Rights Protection Day" event, aiming to empower forex investors to speak out and defend their rights through open, transparent, and robust means.
Nigeria’s oil and gas industry is experiencing a surge in investment, fueled by policy reforms and international collaboration, paving the way for continued energy expansion.
The global trade war is intensifying as countries continue to raise tariffs, aiming to protect their own economies while creating greater market uncertainty. In this tit-for-tat game, who is truly bearing the brunt?
Launched in 2019, Immediate Edge claims to be an automated cryptocurrency trading platform using AI technology for crypto trading services. The platform requires a minimum deposit of $250 to begin trading, which is relatively expensive for many investors. During its short operation, Immediate Edge failed to establish a positive reputation. The platform has undergone frequent domain changes and has repositioned itself as an intermediary connecting users with investment firms—a move that appears designed to obscure its actual operations. Immediate Edge restricts services to investors from the United States; it remains accessible to users in other regions.