Nigeria generates N512.25bn from VAT in Q2, 2021– NBS
National Bureau of Statistics (NBS) says the country generated N512.25 billion from Value Added Tax (VAT) in the second quarter of this year, as against N496.39 billion raked in from the first, as well as, the N327.20 billion made in the second.
According to the NBS latest figures, this represents a 3.20 per cent increase Quarter-on-Quarter (q-o-q) and 56.56 per cent increase Year-on-Year (y-o-y).
NBS sectoral distribution, the Manufacturing sector generated the highest amount of VAT with N44.89bn generated, being closely followed by Professional Services generating N29.30bn.
The Commercial and Trading sector generated N21.96bn, while the Textile and Garment industry generated the least, being closely followed by Pioneering and Pharmaceutical, Soaps and Toiletries with N77.74 million, N169 million and N188.71 million generated respectively.
Out of the total amounted 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 Nigerian Customs Service-Import VAT.
