MANUFACTURERS REMIT RECORD ₦330 BILLION VAT IN THREE MONTHS

Manufacturing companies in Nigeria have remitted a record ₦330 billion in Value Added Tax (VAT) within a three-month period, reflecting increased sectoral activity and improved tax compliance.

Tax authorities said the figure marks one of the highest quarterly contributions from the manufacturing sector in recent times, driven by stronger production output and enhanced monitoring mechanisms.

According to officials, the rise in VAT remittance also points to gradual recovery and expansion within parts of the industrial sector despite prevailing economic challenges.

They noted that reforms in tax administration, including digital reporting systems and enforcement measures, have helped improve transparency and reduce revenue leakages.

Manufacturers, however, continue to face operational pressures such as rising energy costs, foreign exchange constraints, and supply chain disruptions.

Industry stakeholders say while the increased VAT contribution is positive for government revenue, sustained industrial growth will depend on policy stability and improved infrastructure.

The development is seen as a boost for fiscal revenues at a time when the government is seeking to expand non-oil income sources.

Analysts believe continued collaboration between the government and the manufacturing sector will be key to maintaining growth momentum and improving competitiveness.