VAT: Nigeria generates N496.39bn (Q1,2021)

Latest report by the National Bureau of Statistics (NBS) reveals that Nigeria generated N496.39bn as Value Added Tax (VAT) in the first quarter of the year (Q1, 2021).

This is against the N454.69bn generated in the fourth quarter of 2020 (Q4, 2020) and N324.58bn generated in the first quarter of 2020 (Q1, 2020) representing 9.17% increase Quarter-on-Quarter and 52.93% increase Year-on-Year.

According to the sectoral VAT distribution, the country’s Manufacturing sector generated the highest amount of VAT: N49.41bn.

Next was the Professional Services sector generating N42.50bn.

State Ministries & Parastatals generated N26.96bn, while Mining generated the least, being closely followed by Pioneering and; Textile and Garment Industry with N48.36million, N77.01million and N289.41million generated respectively.

Out of the total amounted generated in Q1 2021, N224.85bn was generated as Non-Import VAT locally, while N171.66bn was generated as Non-Import VAT for foreign. The balance of N99.88bn was generated as Nigerian Customs Service Import (NCS-Import) VAT.

Amaka E. Nliam