Nigeria’s revenue from value-added tax (VAT) rose by N15.86 billion to N512.25 billion in Quarter 2 of 2021 (Q2 2021), according to the National Bureau of Statistics (NBS).
The latest report by the Bureau indicates that the VAT collected in Q2 2021 swole by 56.56 percent when compared to the N327.20 billion recorded in the same quarter of 2020.
The sum of N496.39 billion was collected as VAT in Q1 2021.
“Out of the total amount generated in Q2 2021, N187.43bn was generated as Non-Import VAT locally while N207.69bn was generated as Non-Import VAT for foreign,” the report reads.
“The balance of N117.13bn was generated as NCS-Import VAT.”
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Sectors that recorded the highest VAT in Q2 2021 are; Other manufacturing (N44.89 billion); professional services (N29.30 billion); commercial and trading (N21.96 billion); state ministries and parastatals (N18.41 billion); and transport and haulage services (N13.99 billion).
The textile and garment industry contributed the lowest to VAT revenue during the period under review with a sum of N77.74 million.
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