VAT revenue rises by N15.86bn in Q2 - NBS

Nigeria recorded an increase of N15.86 billion in Value Added Tax (VAT) revenue from N496.39 billion generated in the first quarter (Q1, 2021) to N512.25 billion in Q2.

This is contained in the National Bureau of Statistics (NBS) “Sectoral Distribution of VAT Data for Q2, 2021", obtained released on Tuesday in Abuja. NBS said the N512.25 billion generated in Q2 against what was generated in Q1 and N327.20 billion generated in Q2 2020 represented a 3.20 per cent increase quarter-on-quarter and a 56.56 per cent increase year-on-year.

The NBS said that the manufacturing sector generated the highest amount of VAT with N44.89 billion followed by professional services, N29.30 billion.

“Commercial and trading generated N21.96 billion, while textile and garment industry generated the least at N77.74 million, followed by pioneering and pharmaceuticals with N169 million and soaps and toiletries generating N188.71 million.”