The total value-added tax (VAT) collected on behalf of the federation decreased by N11.75 billion within three months to N500.49 billion in the third quarter of 2021 according to the National Bureau of Statistics (NBS) latest report.
Year-on-year, there was an improvement in the collection as the FIRS 2021 recorded
N496.39 billion in Q1,
N512.25 billion in Q2,
and
N500.49 billion in Q3.
Compared to 2020 record which are N324.58 billion,N327.20 billion and, N424.71 billion, respectively.
This shows growth rates of 52.93 percent in Q1 2021, 56.56 percent in Q2 2021 and 17.84 percent in Q3 of 2021.
Nigeria had raised its VAT rate from 5 percent to 7.5 percent in 2020 — but the International Monetary Fund (IMF) had also advised that the rate should be increased to at least 10 percent by 2022.
– The Cable