The Federal Government raked in N2.1tr in 2021, representing a sturdy growth of 35.4% y/y relative to N1.5tn collected in 2020, says the National Bureau of Statistics (NBS).
According to the NBS, the total VAT collected in Q4 2021 was N563.7bn, a 12.6% y/y improvement compared to N500.5bn in Q3 2021. Y/y, Q4 VAT numbers also rose by 24.0% y/y relative to N454.7bn in Q4 2020.
The NBS added that the government enjoyed the best of both FG rakes in the world as the economic recovery spurred growth in both VAT and CIT collections.
Further analysis of the contribution to VAT revenue collected solely in Q4 2021 revealed that VAT on locally produced goods (i.e., non-import VAT) alongside Nigerian Customs Service (NCS)-Import VAT and non-import (foreign) VAT increased by 12.8% q/q, 2.5% y/y and 27.4% q/q, respectively.
The NBS said the growth in VAT on locally produced goods (+12.8% q/q and +56.8% y/y) reflects the continued recovery in consumption, post the peak of the pandemic in 2020.
