In 9 Month, Nigeria’s VAT revenue hits N1.5trillion

According to data from the National Bureau of Statistics, revenue earned from the collection of Value Added Tax (VAT) totaled N1.509 trillion in the first nine months of 2021, up from N1.176 trillion in the same period of 2020.

According to the NBS report, the sectoral distribution of local revenue generated on a quarterly basis showed that Manufacturing activity, Professional Services activity, and State Ministries & Parastatals accounted for N49.41 billion, N42.50 billion, and N26.96 billion, respectively.

Non-Import VAT local was N224.85 billion, Non-Import (foreign) VAT was N171.66 billion, and NCS-Import VAT was N99.88 billion.

Similarly, the top three greatest collections in the second quarter were N44.89 billion, N29.30 billion, and N21.96 billion, respectively, from other manufacturing, professional services, and commercial and trading activities.

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Non-Import VAT local was N187.43 billion, down from N207.69 billion in the first quarter of 2021, Non-Import (foreign) VAT was N207.69 billion, up from N117.13 billion in the first quarter of 2021, and NCS-Import VAT was N117.13 billion, up from N117.13 billion in the first quarter of 2021.

“For the third quarter of 2021, Manufacturing, Information and Communication, and Mining and Quarrying accounted for the top three highest shares of total revenue collected sector-wise, with N91.20 billion, N59.25 billion, and N28.44 billion, respectively.” Non-Import VAT local and NCS-Import VAT collections were higher in the second quarter of 2021,” it said.

Company Income Tax (CIT) collection, on the other hand, totaled N1.33 trillion across the three quarters, with N392.65 billion, N472.07 billion, and N472.52 billion collected in the first, second, and third quarters, respectively.

Breweries, Bottling and Beverage activity, Professional Services activity, and State Ministries & Parastatals activity accounted for the top three greatest shares in terms of sectoral distribution in Q1 2021, with N23.26 billion, N18.17 billion, and N17.35 billion, respectively.

In the first quarter, local collections totaled N152.33 billion, other payments totaled N55.85 billion, and foreign CIT payments totaled N184.47 billion.

Professional Services, Other Manufacturing, and Banks & Financial Institutions were the top three collections in the second quarter of 2021, with N130.09 billion, N87.27 billion, and N60.01 billion, respectively. Local CIT supplied N417.74 billion, Other Payments gave N2.72 billion, and Foreign CIT Payment contributed N51.61 billion to the total.

Manufacturing activity brought in N64.48 billion, Information and Communication activity brought in N58.15 billion, and Mining and Quarrying activity brought in N36.01 billion in the third quarter of 2021.