Nigeria’s VAT Income Rises 3.2% to N512.25 Billion in Q2
Nigeria’ value added tax revenue rises 3.2% in the second quarter of 2021 from N496.39 billion, the National Bureau of Statistics (NBS) said in a new report. In absolute terms, this represents an increase of N15.86 billion in the period.
In the second quarter of 2020, the total value added tax collection printed at N327.20 billion, representing an increase of more than 56% when compared with the latest outturn of N512.25 billion in Q2-2021.
According to the Bureau of Statistics, the manufacturing sector generated the highest amount of VAT with N44.89 billion and closely followed by professional services which summited N29.30 billion to Federal purse.
In addition, commercial and trading segments generated N21.96 billion while the textile and garment industry contributed N77.74 million, closely followed by pioneering and pharmaceutical with N169 million and soaps and toiletries generated N188.71 million.
The data also indicates that the Agricultural and plantations segment generated a total sum of N760.02 million, while automobiles and assemblies added N868.06 million.
Also, Nigerian banks and financial institutions summited N7.712 billion, while Breweries, bottling and beverages added N3.47 billion in addition to N2.78 billion payment received from the building and construction industry.
Similarly, the Nigerian Federal Ministries and Parastatals summited a total value-added collection of N5.22 billion while the hotels and catering segment contributed N3.24 billion in the period.
Local Government Councils added N399.91 million with N8.11 billion from the Mining industry while State Ministries and Parastatals added N18.41 billion.
The NBS said out of the total amount generated in Q2-2021, N187.43 billion was generated as non-import VAT locally, while N207.69 billion was generated as non-import VAT for foreign. It added that the balance of N117.13 billion was generated as Nigeria Customs Service-import VAT.
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Nigeria’s VAT Income Rises 3.2% to N512.25 Billion in Q2
