Manufacturers Contribute N864bn VAT In Five Years

Nigeria’s manufacturing sector contributed about n864 billion out of the n3.63 trillion generated as Value Added Tax (VAT) from 2013 to 2018.

National Bureau of Statistics (NBS) which made this known in its latest report says the sector’s contribution represented 24 per cent of the Total VAT generated within the six-year period.

VAT accruals on yearly collection basis showed that n481.5 billion was collected by the Federal Inland Revenue Service (FIRS) in 2013 compared to the n493.9 billion generated in 2014.

According to the Official Statistics Producing and Reporting Agency, the manufacturing sector has eight sectorial activities among the 28 sectorial categories from which the n864 billion VAT derived.

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