VAT shoots up by N41 billion in Q1 2021: NBS
The National Bureau of Statistics (NBS) says Value Added Tax (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.
NBS published the figures in Abuja on Saturday in its Sectoral Distribution of VAT for Q1 2021.
According to the bureau, the increase represents 9.17 per cent increase quarter-on-quarter and 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.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
NationWide
UN advocates stronger cooperation framework with Nigeria to drive growth
Mr Fall stressed the need to strengthen the UN-Nigeria cooperation framework to bolster national growth.
Agriculture
Nigeria, Brazil deepen partnership on agriculture, livestock development
Mr Shettima said both countries will roll out bilateral partnerships in agriculture and livestock under the initiative.
Heading 1
Troops detain terrorists’ logistics suppliers, recover weapons in southern Kaduna
Mr Oteh disclosed that the suspects were intercepted and subsequently arrested by troops while travelling from Plateau to Niger State.
Heading 2
Primaries Fallout: APC chairman advises aggrieved aspirants to accept defeat
Mr Bello urged those who couldn’t make it in the just-concluded APC primaries to emulate the speaker by accepting the outcome.
NationWide
NTAC deploys 28 TAC volunteers to Uganda to bridge educational gaps
Mr Yakub expressed satisfaction with the quality of Nigerian professionals selected for deployment to Uganda.
World
South African police arrest four over attempted murder
The suspects are expected to appear before the Virginia Magistrate’s Court soon, the police said.
