FG Generates N496 Billion VAT In Q1’21 — NBS - Politics

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FG Generates N496 Billion VAT In Q1’21 — NBS - Politics - Nairaland

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FG Eyes N5trn VAT In 2024 / VAT In Nigeria Is Very Low - EU/ECOWAS / NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 (2) (3) (4)

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FG Generates N496 Billion VAT In Q1’21 — NBS by DamnnNiggarr: 5:27pm On May 08, 2021

FG generates N496 bn VAT in Q1’21 — NBS

The National Bureau of Statistics (NBS) said the federal government generated N496.39 billion as Value Added Tax (VAT) in the first quarter of this year (Q1’21).

This represents a nine per cent quarter-on-quarter (QoQ) increase in VAT when compared with N454.69 billion generated in Q4’20.

In its Sectoral Distribution of VAT Report for Q1’21 released today, NBS said that the N496.39 billion generated constituted N224.85 billion local non-import VAT, N171.66 billion Non-Import VAT for foreign and N99.88 billion as Nigerian Custom Service, NCS -Import VAT.

The bureau stated:”Sectoral distribution of Value Added Tax (VAT) data for Q1′ 21 reflected that the sum of N496.39 billion was generated as VAT in Q1’21 as against N454.69 billion generated in Q4’20 and N324.58 billion generated in Q1’20 representing 9.0 per cent increase QoQ and 53 per cent increase year-on-year (YoY).

“Other Manufacturing generated the highest amount of VAT with N49.41 billion generated and closely followed by Professional Services generating N42.50 billion, State Ministries & Parastatals generating N26.96 billion while Mining generated the least and closely followed by Pioneering and Textile and Garment The industry with N48.36 million, N77.01million and N289.41million generated respectively.

“Out of the total amounted generated in Q1’21, N224.85 billion was generated as Non-Import VAT locally while N171.66 billion was generated as Non-Import VAT for foreign. The balance of N99.88 billion was generated as NCS-Import VAT.”

https://www.vanguardngr.com/2021/05/fg-generates-n496-bn-vat-in-q121-nbs/amp/?__twitter_impression=true

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by DamnnNiggarr: 5:27pm On May 08, 2021

Oh boy!

But weytin these people dey do with all this money...

We keep hearing billions and trillions,
But money, we no see grin

Development, that one na rocket science.

15 Likes 1 Share

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by Akwamkpuruamu: 5:32pm On May 08, 2021

And yet we are still mortgaging our future on loans and debts. Voodoo economics and public financial management

4 Likes

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by janedonez(m): 5:32pm On May 08, 2021

Oww

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by Sunisonflex39(m): 5:33pm On May 08, 2021

If them like make them generate their generation.. We all know nothing will come out for the Common man.. they generate all these and yet still borrow.. Tueh

Need a side income,
visit my signature... You will thank me latte

3 Likes

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by Kaduna1stson: 5:33pm On May 08, 2021

Gumi will be so happy now, half of the money will be used to pay ransom to Fulani.

1 Like

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by Strongbest(m): 5:33pm On May 08, 2021

Good

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by Sandydayziz(f): 5:33pm On May 08, 2021

All for what though?
Yeah their pocket? And they’ll still borrow

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by macdammy(m): 5:33pm On May 08, 2021

This is just Funds on VAT.
How much more on other income.

The most painful thing is that, with all these money, no single development.
Instead, we re still indebted to one Asian country.

I drop my mic for slawormirr

3 Likes

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by ictjobber: 5:33pm On May 08, 2021

Money for their private pockets

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by Delph123(m): 5:33pm On May 08, 2021

We have a very long way to go in this country grin

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by Temptee101(m): 5:34pm On May 08, 2021

Breakfast for the cabals.

Watch how the money will be looted within one week.

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by Iyaalakarra(f): 5:34pm On May 08, 2021

Very good

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by Whitecoal711: 5:34pm On May 08, 2021

Yet no electricity

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by Lanre4uonly(m): 5:35pm On May 08, 2021

That's good.
I do hope the FG would make an effective use of the money realised on VAT.

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by emmimuta: 5:36pm On May 08, 2021

Money generated in Nigeria is huge,.... Pls we need report for money generated from stamp duty and electronic levy for Q1... I know billions of naira will show up

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by Nobody: 5:37pm On May 08, 2021

DamnnNiggarr:
FG generates N496 bn VAT in Q1’21 — NBS

https://www.vanguardngr.com/2021/05/fg-generates-n496-bn-vat-in-q121-nbs/amp/?__twitter_impression=true

Where is the state by state breakdown

1 Like 1 Share

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by karkel(m): 5:42pm On May 08, 2021

Looter aluta continues

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by TooMuchStuff: 5:42pm On May 08, 2021

More crates of Bottled Beer would be destroyed in Kano, bauchi, jigawa and other Fulani terrorists states

While they still await their own share of the alcohol induced VAT. Hypocrites

1 Like 1 Share

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by Nobody: 5:43pm On May 08, 2021

cool

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by Nobody: 5:44pm On May 08, 2021

I only need 1 billion naira and my life is changed forever, lol.

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by money121(m): 5:45pm On May 08, 2021

Too much fund

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by Nobody: 5:45pm On May 08, 2021

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by Umsworld: 5:48pm On May 08, 2021

But las las we go still borrow at the end

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by winterfell007(m): 5:50pm On May 08, 2021

All these from Vat alone in the first Quarter? They've not computed Company Income Tax, Personal Income Tax and Tax from Nigeria Ports Authority and Customs. Yet we haven't felt the development. This country is irredeemable. To your tents oh Isreal!!

1 Like

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by MEGA4BILLION(m): 5:56pm On May 08, 2021

Wicked administration still complaining of no money so as to milk the poor masses the more

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by Omodua(m): 6:15pm On May 08, 2021

DamnnNiggarr:
FG generates N496 bn VAT in Q1’21 — NBS

https://www.vanguardngr.com/2021/05/fg-generates-n496-bn-vat-in-q121-nbs/amp/?__twitter_impression=true

Good one! Sizeable tax from alcoholic beverages. This is to be shared amongst the States and local governments. Kano and other Sharia States are included. They would never reject the money on the basis it's liquor money. But hypocritically, would be destroying beer parlours and joints on the basis it's against Islamic religion as espoused in suni/wahabbism doctrines.
We are really operating warped federalism where injustices reins supreme.

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by Joejonah(m): 6:23pm On May 08, 2021

If dangote cement is paying 226 million naira daily on VAT. I.e 2.5 billion in 3 months, what's all other manufacturing company paying for us to get only 50 billion? I pity this country...

Re: FG Generates N496 Billion VAT In Q1’21 — NBS by owobokiri(m): 6:30pm On May 08, 2021

Vat, oil and gas sells, oil blocs concessions, port duties, nomads, taxes ..... Yet they can't even pay salaries..?

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