Nigeria recorded N651.8 billion in Value Added Tax (VAT) collection for H1 2020, figures from the National Bureau of Statistics (NBS) has revealed. The figures also show that the H1 2020 VAT figures represented an increase of 8.45% Year-on-Year (YonY) over the figures for the same period last year 2019.
The Sectoral distribution of VAT data also shows that the sum of N327.2 billion was generated as VAT in Q2 2020, an increase of 0.81% over the N324.6 billion generated in the first quarter of 2020.
Professional Services generated the highest amount of VAT in H1 2020 with N75.9 billion generated and closely followed by Other Manufacturing generating N67.6 billion, Commercial and Trading generating N31.10bn
while Mining generated the least and closely followed by Textile and Garment Industry and Pharmaceutical, Soaps and Toiletries with N127.58m, N499.19m and N648.78m generated respectively.
Out of the total amounted generated in H1 2020, N335.82bn was generated as Non-Import VAT locally while N161.74bn was generated as Non-Import VAT for foreign. The balance of N154.21bn was generated as NCS-Import VAT.
The Banking and Financial Institution sub-sector contributed N10.5 billion to the H1 VAT figures with a Y0nY growth of 27.6% and a QonQ drop of 5.8%.
Transport and Haulage Services has the highest YonY growth of 105.7%, contributing N20.3 billion to the H1 VAT figures also with a QonQ growth of 54.6%. The Federal Ministry and Parastatals had the highest drop of 22.9% with a contribution of N12.4 billion and with a QonQ drop of 11.1%
The Pioneering sub-sector had the highest QonQ growth of 643.7% with an H1 2020 contribution of N7.3 billion, the sector also had a YonY growth of 24.6%. While the Hotel and Catering sector had the highest QonQ drop of 45.8%, contributed N3.9 billion to the H1 2020 VAT figures