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VAT yields N1.2t to FG in six months – NBS

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PROCEEDS from Value of Added Tax (VAT) rose to N1.2 trillion in the first six months of 2022 for federal government.

  National Bureau of Statistics (NBS) gave the figure in its latest report on revenue generation activities of Federal Inland Revenue Service (FIRS), yesterday.

  The bureau explained  that the figure represents about 20 per cent increase on N1.008 trillion generated through VAT in the first two quarters of 2021.

  According to NBS, the significant increase in VAT collection in the past two years resulted from federal government’s decision in 2020 to increase VAT rate from five per cent to 7.5 per cent due to a significant decline in oil prices that had impacted government revenue.

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