Sunday, Jun 13th 2021 5:54 AM
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Market Digest Nigeria

Business

VAT: Nigeria Generates N496.39bn (Q1,2021)

This is against the N454.69bn generated in the fourth quarter of 2020 (Q4, 2020) and N324.58bn generated in the first quarter of 2020 (Q1, 2020) representing 9.17% increase Quarter-on-Quarter and 52.93% increase Year-on-Year.

State Ministries & Parastatals generated N26.96bn, while Mining generated the least, being closely followed by Pioneering and; Textile and Garment Industry with N48.36million, N77.01million and N289.41million generated respectively.

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 Value Added Tax for foreign. The balance of N99.88bn was generated as Nigerian Customs Service Import (NCS-Import) Value Added Tax.

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