Finance
Nigeria Grows VAT Revenue by 56.56 Percent to N512.25 Billion Y-on-Y in Q2 2021
The Federal Government realised a total sum of N512.25 billion as Value Added Tax (VAT) in the second quarter (Q2) of 2021, the National Bureau of Statistics (NBS) disclosed in its latest report released on Tuesday.
The amount was 3.2 percent better than the N496.39 billion generated in the first quarter of 2021 and 56.56 percent higher than the N327.20 billion recorded in Q2 2020.
The manufacturing sector contributed the highest amount of VAT at N44.89 billion during the period under review. This was followed by Professional Services with N29.30 billion.
Commercial and Trading generating N21.96 billion while Textile and Garment industry generated the least and closely followed by Pioneering and Pharmaceutical, Soaps and Toiletries with N77.74 million, N169 million and N188.71 million generated respectively.
A breakdown of the total amount generated showed N187.43 billion was generated as Non-Import VAT locally while N207.69 billion was generated as Non-Import VAT for foreign. The remaining balance of N117.13 billion was realised as NCS-Import VAT.