Nigeria’s electricity, gas supply activities contribute N3,707.54million, as VAT for Q3 hits N625.39bn
Oredola Adeola
….electricity, gas contribution to Q3,2022 is 6.5 % down from figure recorded in Q2,2022.
The National Bureau of Statistics (NBS), has revealed that electricity, gas, steam, and air conditioning supply contributed N3,707.54million (0.6 percent) out of N625.39 billion aggregate, Value Added Tax (VAT) reported for the third Quarter Q3, 2022.
On the aggregate, the N625.39 billion VAT reported for Q3, 2022, showed a growth rate of 4.21% on a quarter-on-quarter basis from N600.15 billion in Q2 2022. This is according to the VAT Q2 2022 Report released in Abuja on Monday.
The growth rate on a quarter-on-quarter basis, electricity, gas, steam, and air conditioning supply for Q3,2022 reduced by 6.5 % from Q2,2022.
The growth rate for electricity, gas, steam, and air conditioning supply on a quarter-on-quarter basis, which recorded the highest growth rate in Q2,2022, on a sectoral basis, declined significantly to 6.5%, as the Arts, entertainment, and recreation supply activities recorded the highest growth rate with 61.09%, in Q3, 2022.
However, on a year-on-year basis, the growth rate for electricity, gas, steam, and air conditioning supply recorded increased in Q3 2022 by 95.4 percent from Q3 2021.
VAT is a consumption tax that is administered by the Federal Inland Revenue Service (FIRS).
Revenue generated from VAT is usually disbursed to the three tiers of government through the federation accounts allocation committee (FAAC).
The 7.5 percent VAT rate became effective on February 1, 2020.
