The National Bureau of Statistics (NBS) has said that Value Added Tax (VAT) increased by N41.7 billion in Quarter One of 2021.
VAT increased by
N41.7 billion to N496.39 billion in Quarter One of 2021 as against N454.69
billion generated in Quarter Four of 2020 and N324.58 billion generated in Q1
of 2020.
The National
Bureau of Statistics (NBS) published the figures in Abuja on Saturday in its
Sectoral Distribution of VAT for Q1 2021.
According to the
bureau, the increase represents a 9.17 per cent increase quarter-on-quarter and
a 52.93 per cent increase year-on-year.
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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