Nigeria Grows VAT Revenue to N512.3bn in Q2 2021

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By Modupe Gbadeyanka

In the second quarter of 2021, Nigeria generated N512.3 billion from value-added tax (VAT), data from the National Bureau of Statistics (NBS) has revealed.

This was higher than the N496.4 billion VAT revenue generated in the first quarter of this year, the data further showed, indicating a 3.20 per cent quarter-on-quarter increase.

In addition, the amount generated from VAT in the period under review was 56.56 per cent higher than the N327.2 billion raked in the same period of last year, the stats office noted.

It was observed that other manufacturing generated the highest amount of VAT between April and June 2021 with N44.9 billion and was closely followed by the professional services sector, which accounted for N29.3 billion.

It was further discovered that the commercial and trading sector generated N22.0 billion in the period under consideration, while the textile and garment industry contributed the least and was closely trailed by pioneering and pharmaceutical, soaps and toiletries with N77.7 million, N169.0 million and N188.7 million generated respectively.

The NBS also said out of the total amount generated in the second quarter of this year, N187.4 billion was from domestic non-import VAT, lower than the N224.9 billion generated in the first quarter of this year by 16.64 per cent.

Further, foreign non-import VAT accounted for N207.7 billion, 20.99 per cent higher than the N171.7 billion raked in the previous quarter.

In addition, N117.1 billion was generated from the Nigeria Customs Service (NCS)-import VAT, higher than the N99.9 billion generated in Q1 2021 by 17.27 per cent.

Further analysis showed that during the period under review, banks and financial institutions generated N7.7 billion in the second quarter of this year, higher than the N3.3 billion in the first quarter of this year, while VAT from breweries, bottling and beverages stood at N3.5 billion, lower than the N11.9 billion in the previous quarter.

In the period under consideration, hotels and catering generated N3.2 billion as VAT, higher than N2.9 billion in Q1 2021, while mining generated N8.1 billion, higher than N48.4 million raked between January and March 2021.

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