Economy

Nigeria: VAT Revenue Rises By N41.7bn In Q1

BY NKECHI NAECHE-ESEZOBOR –-National Bureau of Statistics (NBS), has said that the total revenue from Value Added Tax (VAT) rose by 9.17 per cent or N41.7 billion to N496.39 billion in the first quarter of the year compared to N454.69 billion in the preceding quarter.

It said that Sectoral Distribution of VAT for Q1 2021 published t on Saturday said VAT also increased by 9.17 per cent in the Q1 against N454.69 billion generated in Q4 2020.

It added that of the total amount generated in Q1 of 2021, N224.85 billion was generated as non-import VAT locally, while N171.66 billion was generated as non-import VAT for foreign.

While the balance of N99.88 billion was generated as Nigeria Customs Service-import VAT.

The NBS added that manufacturing generated the highest amount of VAT – N49.41 billion – closely followed by professional services which generated N42.50 billion.

“State ministries and parastatals generated N26.96 billion, while mining generated the least with N48.36 million.

Mining is closely followed by pioneering and textile with N77.01 million, and garment industry with N289.41 million.”

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