Nigeria grows VAT by 52.93% to N496.39b in Q1 2021

WorldStage Newsonline– The Federal Government of Nigeria  raised its Value Added Tax (VAT) collection by 52.93 per cent to N496.39 billion in Quarter One  of 2021 as against N324.58 billion generated in Q1 of 2020.

The National Bureau of Statistics (NBS) in its 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 said 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.

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

The NBS said 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.

According to NBS, mining is closely followed by pioneering and textile with N77.01 million, and garment industry with N289.41 million.”

The bureau said that the data was provided by the Federal Inland Revenue Service and verified and validated by NBS.

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