The National Bureau of Statistics, NBS, says that on the aggregate, Value Added Tax, VAT, collection stood at N588.59 billion in the first
quarter of 2022.

It stated on Friday in Abuja that the collections recorded a growth of 4.41 per cent on a quarter-on-quarter basis from the N563.72 billion collected in the last quarter of 2021.

It noted, however, that on a year-on-year basis, VAT collections in Q1 of 2022 increased by18.58 per cent compared to the collection in the corresponding quarter in 2021.

It explained that local VAT payments recorded N344.04 billion, while foreign VAT payments contributed N117.99 billion in Q1 of 2022.

The report showed that on a quarter-on-quarter basis, activities of extraterritorial organisations and institutions recorded the highest growth
rate with 469.32 per cent.