FG Generated N563bn VAT in Q4 2021

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FG Generated N563bn VAT in Q4 2021

The federal government generated N563.72 billion in Value Added Tax (VAT) in the fourth quarter of 2021, a report by the National Bureau of Statistics (NBS) has indicated.

In the report, NBS stated that the sum was 12.63 per son growth from the N500.49bn in Q3 2021 realised in the previous quarter-on-quarter, adding that local payments recorded was N333.29bn, with foreign VAT payment contributing N103.52bn.

In terms of sectoral contribution, the top three largest shares in Q4 2021 were manufacturing with N102,856bn (30.86 per cent) information and communication with N62,393bn (18.72 per cent) and mining and quarrying with N33.33bn (9.91 per cent).

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On a quarter-on-quarter basis, the activities of extraterritorial organisations and bodies recorded the highest growth rate with 150.16 per cent, followed by agriculture, forestry then fishing.

NBS said by country of origin money from Mauritius ranked top as source of capital imported into Nigeria in the fourth quarter of 2021 with a value of $611.45m, accounting for 27.95 per cent.

The report further reads: “This was followed by the United States of America and the Republic of South Africa valued at $321.03m (14.67 per cent) and $285.83m (13.07 per cent) respectively.”

By destination of investment, Lagos State remained the top destination in Q4 2021, with $1,983.41m, accounting for 90.66 per cent of total capital investment in Nigeria. This was followed by investment into Abuja (FCT), valued at $170.55m (7.80 per cent).

Categorisation of total capital investment by bank shows that Ecobank ranked highest in Q4 2021 with $708.58m (32.39 per cent). This was followed by Stanbic IBTC with $453.82m (20.74 per cent) and Union Bank with $284.60m (13.01 per cent).

 

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