FG generates N496bn from VAT in Q1 – NBS

The National Bureau of Statistics (NBS) said the federal government has raked in a total of N496.39 billion from Value Added Tax in the first quarter of 2021.

This represents a nine per cent quarter-on-quarter (QoQ) increase in VAT when compared with N454.69 billion generated in Q4’20.

In its Sectoral Distribution of VAT Report for Q1’21 released today, NBS said that the N496.39 billion generated constituted N224.85 billion local non-import VAT, N171.66 billion Non-Import VAT for foreign and N99.88 billion as Nigerian Custom Service, NCS-Import VAT.

The bureau stated: “Sectoral distribution of Value Added Tax (VAT) data for Q12  21 reflected that the sum of N496.39 billion was generated as VAT in Q1’21 as against N454.69 billion generated in Q4’20 and N324.58 billion generated in Q1’20 representing 9.0 per cent increase QoQ and 53 per cent increase year-on-year (YoY).

“Other Manufacturing generated the highest amount of VAT with N49.41 billion generated and closely followed by Professional Services generating N42.50 billion, State Ministries & Parastatals generating N26.96 billion while Mining generated the least and closely followed by Pioneering and Textile and Garment Industry with N48.36 million, N77.01million and N289.41million generated respectively.

“Out of the total amounted generated in Q1’21, N224.85 billion was generated as Non-Import VAT locally while N171.66 billion was generated as Non-Import VAT for foreign. The balance of N99.88 billion was generated as NCS-Import VAT.”