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The VAT generated reflects a 9.17 per cent increase from what was generated in the fourth quarter of 2020 (N454.69 billion) and increase of 52.93 percent when compared with the corresponding quarter in 2020 (N324.58 billion).
The highest amount of VAT was obtained from other manufacturing (N 49.41 billion), which was closely followed by professional service (N 42.50 billion). Textile and garment industry generated N289.41 million, while mining produced the least (N 48.36 million). ‘Other manufacturing’ often refers to non-core manufacturing sectors.
Also in Q1 2021, non-import VAT locally generated N 224.85 billion. Around N 171.66 billion was from non-import VAT for foreign, and an additional balance of N99.88 billion was from Nigeria Customs Service-Import VAT.
On a quarter-on-quarter basis for each ministry (Q4 2020/ Q1 2021), state ministries and parastatals grew most (59.57 per cent) and was closely followed by oil marketing (38.30 per cent). ‘Pioneering’ grew by -58.53 per cent.
The VAT for Q1 2021 was N496.39, while those of Q4 2020 and Q1 2020 were N324.58 billion and 454.69 respectively.
VAT sectoral analysis year-on-year between 2015 and 2020 shows that revenue increased, with the most income generated in 2o2o (N 1.53 trillion). The total generated revenue in 2019 was N 1.18 trillion, 2018 was N 1.11 trillion, while 2017 generated N 972 billion. In 2016 and 2015, N 777.50 billion and N 759.43 billion were made, respectively.