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FG Generated N496 BB VAT In The First Quarter Of 2021 – NBS

President Muhammadu Buhari

President Muhammadu Buhari

The National Bureau of Statistics (NBS) has come out to say that the federal government generated N496.39 billion as Value Added Tax (VAT) in the first quarter of this year.

NBS recently revealed this via its Sectoral Distribution of VAT Report for Q1’21 released today, and Nigerians have been reacting.

According to NBS, 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.

NBS added that 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.

His words, “Sectoral distribution of Value Added Tax (VAT) data for Q1′ 21 reflected that the sum of N496.39 billion wasgenerated 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 percent increase QoQ and 53 per cent increase year-on-year (YoY)”

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Muhammadu Buhari GCFR (born 17 December 1942) is a Nigerian politician currently serving as the President of Nigeria, in office since 2015. He is a retired major general in the Nigerian Army and previously served as the nation’s head of state from 31 December 1983 to 27 August 1985, after taking power in a military coup d’état. The term Buharism is ascribed to the Buhari military government.

He unsuccessfully ran for the office of president of Nigeria in the 2003, 2007, and 2011 general elections. In December 2014, he emerged as the presidential candidate of the All Progressives Congress for the March 2015 general elections. Buhari won the election, defeating the incumbent President Goodluck Jonathan. This marked the first time in the history of Nigeria that an incumbent president lost to an opposition candidate in a general election. He was sworn in on 29 May 2015. In February 2019, Buhari was re-elected President, defeating his closest rival Atiku Abubakar by over 3 million votes.

Buhari has stated that he takes responsibility for anything over which he presided during his military rule, and that he cannot change the past. He has described himself as a “converted democrat”.

Muhammadu Buhari was born to a Fulani family on 17 December 1942, in Daura, Katsina State, to his father Hardo Adamu, a Fulani chief, and mother Zulaihat. He is the twenty-third child of his father. Buhari was raised by his mother, after his father died when he was about four years old.

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