Nigeria’s VAT hits N1tn in six months, says NBS

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Nigeria generated a N1tn in the first half of the year, consisting of N512.25bn in the second quarter and N495.39bn generated in the first quarter.

The figures were contained in the ‘Sectoral distribution of Value Added Tax’ report released on Tuesday by the National Bureau of Statistics.

The report read, “Sectorial distribution of Value Added Tax data for Q2 2021 reflected that the sum of N512.25bn was generated as VAT in Q2 2021 as against N496.39bn generated in Q1 2021 and N327.2bn generated in Q2 2020 representing 3.20 per cent increase Quarter-on-Quarter and 56.56 per cent increase Year-on-Year.”

The NBS disclosed that out of the total VAT generated, N187.43bn constituted Non-Import VAT locally while N207.69bn was generated as Non-Import VAT for foreign.

The balance of N117.13bn was generated from the Nigerian Customs Service Import VAT.

The report also noted that by sector, other Manufacturing generated the highest amount of VAT with N44.89bn, followed by Professional Services which generated N29.30bn and Commercial and Trading, N21.96bn.

SOURCE: PUNCH

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