Nigeria’s VAT revenue rose to N563.72bn in Q4 2021 – NBS

Revenue from Value Added Tax (VAT) in Nigeria increased to N563.72 billion in the last quarter of 2021, the National Bureau of Statistics (NBS) has revealed.

In its latest data on tax collection published on Friday, the agency noted that the manufacturing sector contributed the largest share to the VAT revenue generated during the period with 30.86 percent.

Others major contributors were information/communication (18.72 percent) and mining and quarrying (9.91 percent).

Also extraterritorial organizations and bodies contributed 0.02 percent to VAT revenue in Q4 while households as employers of undifferentiated goods and services accounted for 0.04 percent.

Water supply, sewerage, waste management and remediation activities contributed 0.11 percent.

READ ALSO: Nigerian govt to identify new taxes, expand VAT to grow revenue to GDP

According to NBS, VAT collections in Q4 2021 increased by 23.98 percent from Q4 2020 on a year-on-year basis.

The report read: “On the aggregate, Value Added Tax (VAT) for Q4 2021 was reported at N563.72 billion, a growth of 12.63 percent on a quarter-on-quarter basis from N500.49 billion recorded in Q3 2021.”

Further analysis also revealed that local VAT payments were N333.29 billion in Q4 2021 and N103.52billion for foreign payments.

“On a quarter-on-quarter basis, the activities of extraterritorial organizations and bodies recorded the highest growth rate with 150.16 percent followed by agriculture, forestry and fishing with 92.48 percent.

“On the other hand, arts, entertainment, and recreation had the lowest growth rate with -7.07 percent followed by education with -5.69 percent,” it added.

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