Nigeria’s revenue from Value Added Tax (VAT) increased by N15.86 billion to N512.25 billion in the second quarter of 2021 (Q2 2021).
This is according to a report by the National Bureau of Statistics (NBS).
The report shows that the VAT generated in Q2 2021 increased by 56.56 per cent compared to the N327.20 billion recorded in the corresponding quarter in 2020.
N496.39 billion was generated from VAT in Q1 2021.
“Out of the total amount generated in Q2 2021, N187.43bn was generated as Non-Import VAT locally while N207.69bn was generated as Non-Import VAT for foreign. The balance of N117.13bn was generated as NCS-Import VAT.”
According to the report, sectors that generated the highest VAT in Q2 2021 were other manufacturing (N44.89 billion); professional services (N29.30 billion); commercial and trading (N21.96 billion); state ministries and parastatals (N18.41 billion); and transport and haulage services (N13.99 billion).
The textile and garment industry generated the least VAT in the quarter with N77.74 million, followed by pioneering; pharmaceutical, soaps, and toiletries; chemicals, paints and allied industries; and local government councils with N168.99 million, N188.71 million, N281.04 million, and N399.91 million generated respectively.