VAT: Nigeria generates N512.25 bn (Q2, 2021), records 56.56% increase (y-o-y)

The latest report by the National Bureau of Statistics (NBS) has shown that the sum of N512.25bn was generated as VAT in Q2 2021 as against N496.39bn generated in Q1 2021 and N327.20bn generated in Q2 2020, representing a 3.20% increase Quarter-on-Quarter (q-o-q) and 56.56% increase Year-on-Year (y-o-y).

According to the NBS sectoral distribution, the Manufacturing sector generated the highest amount of VAT with N44.89bn generated, being closely followed by Professional Services generating N29.30bn.

The Commercial and Trading sector generated N21.96bn, while the Textile and Garment industry generated the least, being closely followed by Pioneering and Pharmaceutical, Soaps and Toiletries with N77.74 million, N169 million and N188.71 million generated respectively.

Out of the total amounted generated in Q2 2021, N187.43bn was generated as Non-Import VAT locally while N207.69bn was generated as Non-Import VAT for foreign.

The balance of N117.13bn was generated as Nigerian Customs Service-Import VAT.

Amaka E. Nliam/NBS