The manufacturing sector generated N49.41 billion Value Added Tax (VAT) in the first quarter of 2021, as reported by the Nigeria Bureau of Statistics (NBS).
NBS revealed this in its Sectoral Distribution of Value Added Tax (VAT) for the period under review.
It noted that VAT increased by N41.7 billion, rising from N454.69 billion reported in Q4 2020 from N496.39 billion on Q1 2021.
It added that the sectors that generated the least included mining, pioneering and textile and the garment industries.
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“State Ministries & Parastatals generating N26.96bn while Mining generated the least and closely followed by Pioneering and Textile and Garment Industry with N48.36m, N77.01m and N289.41m generated respectively,” it said.
“Out of the total amounted generated in Q1 2021, N224.85bn was generated as Non-Import VAT locally while N171.66bn was generated as Non-Import VAT for foreign.
“The balance of N99.88bn was generated as NCS-Import VAT.”
