VAT increased by N41.7bn in Q1 2021 – NBS

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By Folasade Akpan

ABUJA –  Value Added Tax (VAT) increased by N41.7 N496.39 in Quarter   2021 as against N454.69 generated in Quarter Four 2020 and N324.58 billion generated in Q1 2020.

The published the figures  in Abuja in its Sectoral Distribution of VAT for Q1 2021.

According the bureau, the increase represents 9.17 per cent increase quarter--quarter and 52.93 per cent increase year--year.

It said of the amount generated in Q1 of 2021, N224.85 billion generated as non-import VAT locally, while N171.66 billion generated as non-import VAT for foreign.

It added the balance of N99.88 billion generated as -import VAT.

The NBS said manufacturing generated the highest amount of VAT  – N49.41 billion –   closely followed by services which generated N42.50 billion.

“State ministries and parastatals generated N26.96 billion, while mining generated the least with N48.36 million.

According NBS, mining is closely followed by pioneering and textile with N77.01 million, and garment industry with N289.41 million.”

The bureau said that the data was provided by the and verified and validated by NBS. (NAN)