In the first quarter of the year 2021, Nigeria who increased her VAT from 5 to 7.5 percent has now generated a total of N496.4 billion.
This is 9.2 percent higher than N454.69 billion generated in the fourth quarter of 2020 and 52.9 per cent above N324.6 billion realised in the same period last year.
This information was revealed yesterday by the National Bureau of Statistics.
According to the bureau, other manufacturing generated N49.41 billion to emerge as the highest contributor. Professional services followed closely with N42.50 billion while state ministries and parastatals generated N26.96 billion.
Mining generated the least and closely followed by pioneering/textile/garment industry with N48.36 million, N77.01 million and N289.41 million generated respectively.
According to the data, out of the total amount generated in the first quarter, N224.85 billion came from non-import VAT (local) while N171.66 billion was raised from non-import VAT (foreign). The balance of N99.88 billion was from Nigeria Customs Service (NCS)-import VAT.
