Nigeria earns N1.490trn from VAT in first half of 2023

Nigeria earned N1.490 trillion from Value Added Tax in the first half of 2023.

The National Bureau of Statistics disclosed this in its latest Value Added Tax 2023 report data.

Newsmen reported that the country generated N781.35 billion form VAT in Q2 2023, a 10.11 per cent increment from N709.59 billion in Q1.

The figure resulted in a combined VAT earnings of N1.490 trillion for the first six months of 2023.

Regarding sectoral contributions, the top three most significant shares in Q2 2023 were manufacturing with 29.64 per cent, information and communication with 21.19 per cent, and financial and insurance activities with 11.18 per cent.