Nigeria has reported an increase of 52.93 per cent in its Value Added Tax for the first quarter of 2021, relative to the figure generated in the corresponding quarter of 2020.
The country’s National Bureau of Statistics stated this in its ‘Sectoral Distribution of VAT for Q1 2021’ report released on Saturday.
According to the report, the country generated a VAT increase of N171.81bn to N496.39bn in Q1 2021 compared to N324.58bn reported in Q1 2020.
It also showed that the country’s VAT increased by N41.7bn in Q1 2021 from N454.69bn generated in Q4 2020, representing an increase of 9.17 per cent.
Further analysis on the report showed that of the total amount generated in Q1 this year, N224.85bn was generated as non-import VAT locally, while N171.66bn was generated as non-import VAT for foreign.
According to the statistics office, the balance of N99.88bn was generated as Nigeria Customs Service-import VAT.
The manufacturing generated the highest amount of VAT of N49.41bn closely followed by professional services which generated N42.50bn.
State ministries and parastatals generated N26.96bn, the report showed, while mining generated the least VAT of N48.36m.
The NBS’s report also indicated that mining was closely followed by pioneering and textile with N77.01m and garment industry with N289.41m.
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