Nigeria recorded an increase of Value Added Tax (VAT) revenue to the tune of N15.86 billion, jumping from N496.39 billion generated in quarter one (Q1, 2021) to N512.25 billion in Q2.
This is contained in the National Bureau of Statistics (NBS) “Sectoral Distribution of VAT Data for Q2, 2021.”
It said the N512.25 billion generated in Q2 as against what was generated in Q1 and N327.20 billion generated in Q2 2020 represented a 3.20 per cent increase quarter-on-quarter and 56.56 per cent increase year-on-year.
The NBS said that the manufacturing sector generated the highest amount of VAT with N44.89 billion, closely followed by professional service with, N29.30 billion.
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