Nigeria's VAT grows by 1.96% in Q2 2022

[Abdulmajidkhs]

Nigeria's VAT grows by 1.96% in Q2 2022

Nigeria has witnessed an increase in its Value Added Tax (VAT) which rose to N600.15 billion in Q2 2022, marking a 1.96% growth QoQ when compared to the N588.59 billion recorded in Q1 2022.

Nigeria's VAT grows by 1.96% in Q2 2022

Nigeria has witnessed an increase in its Value Added Tax (VAT) which rose to N600.15 billion in Q2 2022, marking a 1.96% growth QoQ when compared to the N588.59 billion recorded in Q1 2022. The VAT growth on a Year-over-Year basis rose to 17.16% in Q2 2022. According to the NBS reports, the most...

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[CarissaLevy]

Hello there. Thanks for keeping us updated on this issue. Could you please share your opinion on that? I’m not sure about this situation, so I’m curious to hear your opinion. Thanks in advance. Tbh, I’m new to economic stuff, so sometimes it’s complicated for me to figure out how it works. I have a friend who works at navibanker.com, so he sometimes helps me figure out how everything actually works. Anyway, I’d be grateful if you kept us updated. Thanks in advance, man. Best wishes to you!

 

[ferneycompleting]

This is a very interesting question, thank you for telling us this news, I will try to figure it out and maybe find an answer to this event. I have a couple of guesses, especially a few statistics that I can rely on. For example, VAT increased in the USA a few years ago, and according to statistics from Mortgage Advisor Sunderland, this was due to the fact that people began to take out loans more often than usual and use this money to buy things and various equipment. There is a possibility that such a story happened in Nigeria, although on the other hand it is not such a rich country where every second person can afford to take out a loan and then simply pay it off. I think we need to dig deeper in this topic to understand the reason.