Home News FG generates N496 bn VAT in Q1’21 – NBS

FG generates N496 bn VAT in Q1’21 – NBS

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The National Bureau of Statistics (NBS) said the federal government generated N496.39 billion as Value Added Tax (VAT) in the first quarter of this year (Q1’21).

This represents a nine percent quarter-on-quarter (QoQ) increase in VAT when compared with N454.69 billion generated in Q4’20.

In its Sectoral Distribution of VAT Report for Q1’21 released today, NBS said that the N496.39 billion generated constituted N224.85 billion local Non-Import VAT, N171.66 billion Non-Import VAT for foreign and N99.88 billion as Nigerian Custom Service, NCS -Import VAT.

The bureau stated:”Sectoral distribution of Value Added Tax (VAT) data for Q1′ 21 reflected that the sum of N496.39 billion wasgenerated as VAT in Q1’21 as against N454.69 billion generated in Q4’20 and N324.58 billion generated in Q1’20 representing 9.0 percent increase QoQ and 53 per cent increase year-on-year (YoY).

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