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Manufacturing sector leads as VAT rises to N588.59bn in three months

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Nigerian and foreign companies have remitted a total of N588.59 billion from Value Added Tax (VAT) in the first three months of this year.

This is an 18.58 per cent increase when compared to N496.3 billion on VAT collected by the federal government during the same period in 2021.

The National Bureau of Statistics (NBS) disclosed these details on Friday in its latest VAT report.

The report also showed that VAT increased by 4.41 percent quarter-on-quarter from N563.72 billion in the fourth quarter of 2021.

On the breakdown, NBS noted that local companies’ payments recorded were N344.04 billion in Q1 2022, while foreign companies VAT payment stood at N117.99 billion.

Read also:VAT: States, LGs to lose access to foreign, domestic loans, amid FIRS face-off

“In terms of sectoral contributions, the top three largest shares in Q1 2022 were manufacturing with 32.84 percent, information and communication with 17.10 percent, and mining and quarrying with 11.85 percent,” the NBS said.

Manufacturing companies paid N112.9 billion followed by information and communication companies N58.84 billion while mining and quarrying sector paid N40.78 billion.

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