The Q1 figure increased by 3.2 per cent compared with that of Q1 2020. But on a year-on-year basis, the VAT revenue rose by 56.6 per cent. In the corresponding period in 2020, the VAT revenue stood at N327.2 billion.
The performance was led by transactions in the manufacturing and professional financial service sectors, which contributed N44.9 billion and N29.3 billion respectively. Commercial and trading came third with N22 billion VAT. On the flip side, the textile and garment industry generated the least, followed by pioneering and pharmaceutical/soaps/toiletries with N77.7 million, N169 million and N188.71 million respectively.
“Out of the total amount generated in Q2 2021, N187.43 billion was generated as non-import VAT locally while N207.69 billion was generated as non-import VAT for foreign. The balance of N117.13bn was generated as NCS-import VAT,” NBS stated in the report.
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