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Manufacturing, communication, mining top sectors with highest VAT in Q4, 2021

Manufacturing, communication, mining top sectors with highest VAT in Q4, 2021

Manufacturing, Information & communication and mining sectors contributed highest to the total value added tax (VAT) recorded in the fourth quarter of 2021.

The total VAT for the period, according to the National Bureau of Statistics report was N563.72 billion, a growth of 12.63 percent on a quarter-on-quarter basis from N500.49 billion in Q3 2021.

Of the total amount in the period manufacturing sector contributed N102.85 billion (30.86 percent), communication contributed N62.393 billion (18.72 percent) and mining contributed N33.03 billion (9.91 percent).

Read also: How corruption denies Nigeria of mining sector dollars

Conversely, the activities of extraterritorial organizations and bodies recorded the least share with 0.02 (N50.42 million), followed by activities of households as employers, undifferentiated goods and services-producing activities of households for own use with 0.04 percent (N138.22 million) and water supply, sewerage, waste management and remediation activities with 0.11 percent (N366.79 million).

According to the report, contribution from other sectors including agriculture, construction, education, real estate were N1.2 billion, N4.43 billion, N4.29 billion and N1.01 billion respectively.

Local payments recorded were N333.29 billion while Foreign VAT Payment contributed N103.52 billion.