The Federal Government of Nigeria has generated the sum of ₦393.799 billion from Value Added Tax (VAT) in the first four months of this year.
Official data released by the government over the weekend however indicated that it did not meet the targeted revenue for the period by a whooping ₦128.670 billion.
A breakdown of the VAT pool account showed that ₦100.759 billion was realized by the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS) in January while the sum of ₦104.468 billion was posted as VAT revenue for February.
According to the Planning, Research and Statistics Department of FIRS, non-import (local) VAT collection for March amounted to ₦72.688 billion.
The details also revealed that Lagos State topped the VAT collection chart with ₦44.168 billion while the Federal Capital Territory (FCT), Abuja raked in ₦16.973 billion.
Oyo State had the second largest rate of non-import VAT collection of ₦2.144 billion, followed by Kano and Rivers States which recorded ₦1.180 billion and ₦1.666 billion respectively.
Zamfara State recorded the lowest VAT collection in March, contributing ₦2.834 million into the VAT pool account which is domiciled with the Central Bank of Nigeria. The state however received the sum of ₦927.270 million during the same period.