total of N512.25 billion Value Added Tax was generated into the federation account in the second quarter of 2021. This is according to the data published by National Bureau of Statistics NBS on its website. The NBS data indicated that the “sectoral distribution of Value Added Tax (VAT) data for Q2 2021 reflected that the sum of N512.25bn was generated as VAT in Q2 2021 as against N496.39 billion generated in Q1 2021 and N327.20 billion generated in Q2 2020 representing 3.20 per cent increase Quarter-on-Quarter and 56.56 per cent increase Year-on-Year.
NBS said that the manufacturing sector generated the highest amount of VAT with N44.89 billion generated and closely followed by Professional Services generating N29.30 billion, Commercial and Trading generating N21.96 billion while Textile and Garment industry generated the least and closely followed by Pioneering and Pharmaceutical, Soaps and Toiletries with N77.74 million, N169 million and N188.71million generated respectively.
Out of the total amount generated in Q2 2021, N187.43 billion was generated as Non-Import VAT locally while N207.69 billion was generated as Non-Import VAT for foreign. The balance of N117.13 billion was generated as NCS-Import VAT.
