Nigeria Generates N625.4 billion in VAT from the Manufacturing Sector in Q3 2022.

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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.

Nairametrics

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