Nigeria earned N496bn from VAT in 3 months — NBS

The federal government’s Value Added Tax (VAT) collections rose to N496.39 billion in the first quarter of 2021 from the N454.69bn realised in the fourth quarter of 2020, according to the National Bureau of Statistics (NBS). The sectoral distribution of VAT data for Q1 2021 released at the weekend indicated that the Q! VAT fund […]

The federal government’s Value Added Tax (VAT) collections rose to N496.39 billion in the first quarter of 2021 from the N454.69bn realised in the fourth quarter of 2020, according to the National Bureau of Statistics (NBS).

The sectoral distribution of VAT data for Q1 2021 released at the weekend indicated that the Q! VAT fund was higher than the N324.58bn generated Q1 2020.

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VAT collection growth rate represented a 9.17 per cent increase per quarter and 52.93 per cent increase yearly.

The manufacturing sector generated the highest VAT with N49.41bn and closely followed by professional services generating N42.50bn.

State ministries and parastatals generated N26.96bn while mining generated the least (N48.36 million); Pioneering (N77.01m) and Textile and Garment Industry N289.41m.

Out of the total VAT fund for Q1 2021, N224.85bn was from non-import VAT generated locally while N171.66bn was generated as Non-Import VAT for foreign.

The balance of N99.88bn was generated as Nigeria Customs Service-Import VAT.