March 25, (THEWILL) – The National Bureau of Statistics (NBS) said the Federal Government generated N2.07 trillion as Value Added Tax (VAT) in 2021.
This represents a 33 percent year-on-year (YoY) increase in VAT when compared with N1.55 trillion generated in 2020.
The bureau’s analysis of data on the Sectoral Distribution of VAT Report for Q4’21, showed that VAT stood at N512.2 billion in Q1’21 and fell by 3.16 percent to N496 billion in Q3’21.
In Q3 ’21 VAT rose by 0.88 percent to N500.4 billion and up by 12.6 percent to N563.7 billion in Q4’21.
The bureau stated: ”On the aggregate, VAT for Q4’21 was reported at N563.72 billion, a growth of 12.63 percent on a quarter-on-quarter (QoQ) basis from N500.49 billion in Q3’21.
“Local payments recorded were N333.29 billion in Q4 ’21, while Foreign VAT Payment contributed N103.52 billion.
“On a QoQ basis, the activities of extraterritorial organisations 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.
“In terms of sectoral contributions, the top three largest shares in Q4 ’21 were manufacturing with 30.86 percent; information and communication with 18.72 percent and mining and quarrying with 9.91 percent.
“Conversely, the activities of extraterritorial organisations and bodies recorded the least share with 0.02 percent, followed by activities of households as employers, undifferentiated goods and services-producing activities of households for own use with 0.04 percent; and water supply, sewerage, waste management and remediation activities with 0.11 percent.
“However, on a YoYbasis, VAT collections in Q4 ’21 increased by 23.98 percent from Q4″20.”