Nigerians paid N15.86 billion more VAT in Q2: NBS
Nigeria recorded an increase of Value Added Tax (VAT) revenue to the tune of N15.86 billion, jumping from N496.39 billion generated in quarter one (Q1, 2021) to N512.25 billion in Q2.
This is contained in the National Bureau of Statistics (NBS) “Sectoral Distribution of VAT Data for Q2, 2021.”
It said the N512.25 billion generated in Q2 as against what was generated in Q1 and N327.20 billion generated in Q2 2020 represented a 3.20 per cent increase quarter-on-quarter and 56.56 per cent increase year-on-year.
The NBS said that the manufacturing sector generated the highest amount of VAT with N44.89 billion, closely followed by professional service with, N29.30 billion.
“Commercial and trading generated N21.96 billion while textile and garment industry generated the least at N77.74 million.
Pioneering and pharmaceutical generated N169 million and soaps and toiletries generated N188.71 million.
“Agriculture and plantations generated N760.02 million; automobiles and assemblies N868.06 million; banks and financial institutions N7.712 billion; breweries, bottling and beverages N3.47 billion, while building and construction accounted for N2.78 billion,” the data showed.
It added that federal ministries and parastatals accounted for N5.22 billion; hotels and catering N3.24 billion; local government councils N399.91 million; mining N8.11 billion and state ministries and parastatals N18.41 billion.
The NBS said out of the total amount generated in Q2 2021, N187.43 billion was generated as non-import VAT locally, while N207.69 billion was generated as non-import VAT for foreign.
It added that the balance of N117.13 billion was generated as Nigeria Customs Service-import VAT.
Data for the report was provided by the Federal Inland Revenue Service (FIRS) and verified and validated by the NBS.
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