THE Federal Government recorded an increase of 8.45 per cent in Value Added Tax revenue, from N600.98bn as of the first half of last year, to N651.77bn as at the end of June this year.
The figures were released on Monday by the National Bureau of Statistics, in its VAT Report for the first half of 2020.
The bureau stated that sectoral distribution showed that Professional Services generated the highest amount of VAT, with N95.92bn, closely followed by ‘Other Manufacturing’, which generated the sum of N67.63bn.
The report added that Commercial and Trading generated N31.10bn, closely followed by Textile and
Garment Industry; Pharmaceutical, Soaps and Toiletries, with N127.58m, N499.19m and N648.78m respectively. Mining generated the least.
Out of the total amounted earned by the Federal Government in the first half of this year, the NBS stated that N335.82bn was generated as Non-Import VAT locally, while N161.74bn was generated as
Non-Import VAT for foreign.
It stated that the balance of N154.21bn was generated as Nigeria Customs Service Import VAT.
Further breakdown showed that the banking and finance sector contributed N5.42bn in the first half of this year compared to N4.19bn in the same period of 2019.
It said Automobiles and Assemblies contributed N751.56m during the period under review as against the first half 2019 figure of N421.443m, while Agricultural and Plantations recorded N973.26m against the previous figure of N627.3m.
Other sectoral contributions to VAT in the first half of 2020, according to the NBS, are Breweries, Bottling and Beverages, N14.33bn; as against N10.83bn; Building and Construction, N2.84bn; against N2.74bn; Chemicals, Paints and Allied Industries, N569.02m, as against N522.7m; Commercial and Trading, N17 18bn; as against N14.92bn; and Conglomerates, N1,1bn as N1.51bn.
