A total revenue accrued to Nigeria from Value Added Tax (VAT) as at 2020 stands at N1.53 trillion, National Bureau of Statistics (NBS) report indicated.
This shows that the revenue from VAT was up by 29.3% when compared to N1.18 trillion recorded in 2019.
The breakdown showed that in 2020, professional services generated the highest amount of VAT with N162.32 billion remittances, closely followed by other manufacturing sectors with N154.15 billion.
The report also indicated that non-import VAT generated locally grew by 30.5% in 2020 to stand at N763.01 billion as against N584.6 billion received in 2019, while non-import foreign VAT also stood at N420.4 billion. This indicates an increase of 17% when compared to N359.5 billion generated in the previous year amongst other sources
