Total revenue from Value Added Tax (VAT) increased by 9.17 per cent or N41.7 billion to N496.39 billion in the first quarter of the year, compared to N454.69 billion in the preceding quarter, according to the National Bureau of Statistics (NBS).

This also represented a 52.93 per cent increase year-on-year, when compared to N324.58 billion generated in Q1 2020.

According to the sectoral distribution of VAT data for Q1 2021, which released Saturday by the statistical agency, other manufacturing segment generated the highest amount of VAT with N49.41 billion and closely followed by professional services which recorded N42.50 billion as well as state ministries and parastatals which posted N26.96 billion.

Also, mining generated the least revenue of N48.36 million, pioneering N77.01 million and textile and garment industry N289.41 million.

Justin Nwosu

Justin Nwosu is the founder and publisher of Flavision. His core interest is in writing unbiased news about Nigeria in particular and Africa in general. He’s a strong adherent of investigative journalism, with a bent on exposing corruption, abuse of power and societal ills.