In the third quarter of 2022, the Federal Government of Nigeria (FGN) collected N625. 39 billion in value-added tax through the Federal Inland Revenue Service (FIRS).
According to the data, VAT revenue grew year over year by 24.9% when compared to the N500. 49 billion produced during the same time in 2021.
On the other hand, the manufacturing sector’s quarterly payment of VAT decreased from the N118. 8 billion reported in the preceding sector by 3.73%.
ICT – N68.16 billion: In Q3 2022, the information and communication sector paid a total of N68.16 billion in VAT, accounting for 10.9% of the federal government’s overall VAT revenue for the time period under consideration. Quarrying and mining – N40.29 billion: N40.29 billion was paid by the mining industry.