Value-added tax (VAT) collection by the country dropped by N11.75 billion within three months to N500.49 billion in the third quarter of 2021.
This is according to the National Bureau of Statistics (NBS) in its latest report.
VAT collection in the second quarter of the year (Q2) stood at N512.25 billion.
Year-on-year, there was an improvement in the collection as the FIRS collected N496.39 billion, N512.25 billion and N500.49 billion in the first, second and third quarters of 2021 respectively.
This is higher compared to the corresponding figures of 2020 at N324.58 billion, N327.20 billion and N424.71 billion, respectively.
It shows growth rates of 52.93 per cent in Q1 2021, 56.56 per cent in Q2 2021 and 17.84 per cent in Q3 of 2021.
Further analysis shows that in Q3 2021, the manufacturing activity; information and communication activity; and mining & quarrying activity accounted for the top three largest shares of total revenue collected sector-wise, representing 30.87 percent (N91.2 billion), 20.05 per cent (N59.3 billion), and 9.62 per cent (N28.4 billion), respectively.
Activities of extraterritorial organisations and
