Nigeria Records 9.17% Increase in VAT Revenue in Q1-2021
Nigerian government records 9.17% increase in value-added tax (VAT) in the first quarter of 2021 when compared with total receipts in the final quarter of 2020, the Bureau of Statistics said in a new report.
The data is contained in the National Bureau of Statistics (NBS) newly published figures Saturday in its sectoral distribution of VAT for the period.
According to the report, VAT revenue collection increased by N41.7 billion to N496.39 billion in Q1-2021 as against N454.69 billion generated in the fourth quarter of 2020.
In the comparable period in 2020, total VAT collection printed at N324.58 billion generated, the period when the Nigerian economy was lockdown to curb the spread of COVID virus.
It means on year on year basis, Nigeria’s VAT revenue has increased 59.23%. Full-year VAT collections in 2020 printed at N1.531 trillion, driven by Q3, and Q4 economic recovery.
NBS said in the report that of the total amount generated in Q1 of 2021, N224.85 billion was generated as non-import VAT locally, while N171.66 billion was generated as non-import VAT for foreign.
It added that the balance of N99.88 billion was generated via Nigeria Customs Service-import VAT collections.
The NBS said that manufacturing generated the highest amount of VAT at N49.41 billion, followed closely by professional services which generated N42.50 billion.
The report also noted the State ministries and Parastatals generated N26.96 billion, while mining generated the least with N48.36 million.
According to NBS, mining is closely followed by pioneering and textile with N77.01 million, and garment industry with N289.41 million.
Nigeria Customs Service Generates N466.1 billion in Q1
The report stated that the data was provided by the Federal Inland Revenue Service and verified and validated by NBS.
Nigeria Records 9.17% Increase in VAT Revenue in Q1-2021
