VAT Revenue Rises By 33% To N2.07trn

The National Bureau of Statistics (NBS) said the federal government generated N2.07 trillion as Value Added Tax (VAT) last year.

This represents a 33 percent Year-on-Year (YoY) increase in VAT when compared to N1.55 trillion generated in 2020.

Findings from the data in NBS’ Sectoral Distribution of VAT Report for fourth quarter of 2021, Q4’21, released at the weekend, show that VAT stood at N512.2 billion in Q1’21 and fell by 3.16 per cent to N496 billion in Q2’21.

In Q3’21 VAT rose marginally by 0.88 per cent to N500.4 billion and up by 12.6 per cent to N563.7 billion in Q4’21.

The bureau stated:”On the aggregate, VAT for Q4’21 was reported at N563.72 billion, a growth of 12.63 per cent on a quarter-on-quarter (QoQ) basis from N500.49 billion in Q3’21.

“Local payments recorded were N333.29 billion in Q4’21, while Foreign VAT Payment contributed N103.52 billion.

“On a QoQ basis, the activities of extraterritorial organizations and bodies recorded the highest growth rate with 150.16 per cent, followed by agriculture, forestry and fishing with 92.48 per cent . “On the other hand, arts, entertainment and recreation had the lowest growth rate with -7.07 per cent, followed by education with -5.69 per cent .

“In terms of sectoral contributions, the top three largest shares in Q4’21 were manufacturing with 30.86 per cent; information and communication with 18.72 per cent and mining and quarrying with 9.91 per cent.

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