The Nigerian government generated a total sum of 1.53 trillion naira revenue from Value Added Tax (VAT) in 2020, up by 29.3% when compared to 1.18 trillion naira recorded in 2019.
This is according to the Sectoral value-added tax report, recently released by the National Bureau of Statistics (NBS).
Sectoral distribution of Value Added Tax (VAT) data for Q4 2020 reflected that the sum of N454.69bn was generated as VAT in Q4 2020 as against N424.71bn generated in Q3 2020 and N308.48bn generated in Q4 2019 representing 7.06% increase Quarter-on-Quarter and 47.39% increase Year-on-Year.
– Professional Services generated the highest amount of VAT with N42.38bn generated and closely followed by Other Manufacturing generating N39.45bn, Commercial and Trading generating N21.15bn
– Mining generated the least and closely followed by Pioneering and Textile and Garment Industry with N58.88m, N185.72m and N353.75m generated respectively.
– Out of the total amount generated in Q4 2020, N212.52bn was generated as Non-Import VAT locally while N143.35bn was generated as Non-Import VAT for foreign. The balance of N98.81bn was generated as NCS-Import VAT.