VAT revenue increases by N15.8bn in Q2 — NBS

Nigeria recorded an increase of N15.86 billion Value Added Tax (VAT) revenue from N496.39bn generated in quarter one (Q1, 2021) to N512.25bn in Q2.

This is contained in the National Bureau of Statistics’ (NBS) “Sectoral Distribution of VAT Data for Q2, 2021’’, obtained by the News Agency of Nigeria (NAN) on Tuesday in Abuja.

It said the N512.25bn generated in Q2 as against what was generated in Q1 and N327.2bn generated in Q2 2020 represented a 3.20 percent increase quarter-on-quarter and 56.56% increase year-on-year.

The NBS said that the manufacturing sector generated the highest amount of VAT with N44.89bn and closely followed by professional services, N29.30bn.

“Commercial and trading generated N21.96bn while textile and garment industry generated the least at N77.74 million closely followed by pioneering and pharmaceutical with N169m and soaps and toiletries generated N188.71m.”

“Agricultural and plantations generated N760.02m, automobiles and assemblies N868.06m, banks and financial institutions N7.712bn, breweries, bottling and beverages N3.47bn, while building and construction accounted for N2.78bn.

It added that Federal Ministries and Parastatals accounted for N5.22bn, hotels and catering N3.24bn, Local Government Councils N399.91m, Mining N8.11bn and State Ministries and Parastatals N18.41bn.

The NBS said out of the total amount generated in Q2 2021, N187.43bn was generated as non-import VAT locally, while N207.69bn was generated as nonimport VAT for foreign.

It added that the balance of N117.13bn was generated as Nigeria Customs Serviceimport VAT.

The data for the report was provided by the Federal Inland Revenue Service (FIRS), verified and validated by the NBS. (NAN)