In the third quarter of 2021, the Nigerian government reported generating N500.49 million, despite the ongoing debate over whose level of government collects the tax.
The third-quarter result was N11.76 billion lower than the N512.25 billion generated in the previous quarter, according to figures released by the National Bureau of Statistics (NBS) over the weekend.
The total VAT payment in nine months is N1.51 trillion when the N496.39 billion generated from January to March is added to the second and third quarters.
It went on to say that the revenue in the first three quarters of 2021 was greater than in the first three quarters of 2020, with the first quarter at N324.58 billion, the second at N327.20 billion, and the third at N424.71 billion, indicating an improvement in collections.
“On a year-on-year basis, this upsurge shows growth rates of 52.93 per cent in quarter one 2021, 56.56 per cent in quarter two and 17.84 per cent in quarter three,” it stated
Other manufacturing generated the most VAT in the third quarter, accounting for 30.87 percent (N91.20 billion), according to the NBS, with Information and Communication activity coming in second at 20.05 percent (N59.25billion).
Mining and quarrying accounted for 9.62 percent of total activity (N28.44billion).
Non-import VAT collection in Nigeria was N295.47 billion, whereas import VAT collection by the Nigeria Customs Service (NCS) was N123.76 billion, and non-import (foreign) VAT collection was N81.25 billion, according to NBS statistics.
From July through September, NBS reported a total of N472.52 billion in Company Income Tax (CIT).
When compared to the N472.07 billion in the second quarter, this represents an N450 million increase.
According to NBS, manufacturing activity accounted for 22.08 percent of CIT, or N64.48 billion, while collecting, information, and communication activity accounted for 19.91 percent, or N58.15 billion.
In addition, mining and quarrying operations accounted for 12.33 percent of the CIT collection in the quarter under review, totaling N36.01 billion.
Local businesses paid N292.005 billion, while overseas businesses paid N180.51 billion in CIT.
