NBS Says Nigeria generates N600bn from VAT in Q2 2022

As Nigeria continue to battle back from the COVID-19 pandemic, National Bureau of Statistics says about N600.15bn was generated as value-added tax (VAT) in the second quarter of 2022.

The figure represents an increase of 1.96% from the N588.59 billion generated in Q1 2022.
VAT is a consumption tax which is administered by the Federal Inland Revenue Service and is usually disbursed to the three tiers of government through the federation accounts allocation committee FAAC.

The 7.5% VAT rate became effective on February 1, 2020.