In the third quarter of 2022, the federal government collected over N625.39 billion in Value Added Tax (VAT).
The National Bureau of Statistics (NBS) released a report that shows that the amount is up 4. 21 percent from the N600.15 billion generated in Q2 2022.
According to the report, local VAT payments totalled N367.93 billion in Q3 2022. However, on April 1 of this year, the Federal Government raised the VAT on all taxable services offered to Nigerian customers from 5% to 7.5%.