FG earned N496bn from VAT in Q1’21 – NBS

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The National Bureau of Statistics (NBS) yesterday released VAT Report for Q1’21 showing that total revenue from VAT increased by 9.17 per cent or N41.7 billion to N496.39 billion in the first quarter of the year compared to N454.69 billion in the Q4’20.

This also represented a 52.93 per cent increase year-on-year, when compared to N324.58 billion generated in Q1 2020.

In its sectoral distribution of VAT, the bureau stated 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 the Nigeria Custom Service, NCS-import VAT.

“Sectoral distribution of VAT for the period 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 and parastatals generating N26.96 billion while mining generated the least and closely followed by pioneering and textile and garment industry with N48.36 million, N77.01 million and N289.41 million 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.”

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