Saturday, January 22, 2022

VAT: Nigeria generates N338.94bn in 3 months – NBS

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Rayyan Alhassan
Rayyan Alhassan is a graduate of Journalism and Mass Communication at Sikkim Manipal University, Ghana. He is the acting Managing Editor at the Daily Nigerian newspaper, a position he has held for the past 3 years. He can be reached via [email protected], or, or @Rayyan88 on Twitter.
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The National Bureau of Statistics, NBS, has generated N338.94billion through Value Added Tax, VAT, in the first quarter of 2020 was.

The bureau, in an executive summary report posted on its website, said the amount surpassed that of 2019 which was N293.04billion generated in Q1 2019.

The report noted the VAT generation indicated an increase of 9.87 per cent  in Quarter-on-Quarter and 15.66 per cent increase Year-on-Year.

It explained that professional services generated the highest amount of VAtT with N38.30billion generated and closely followed by other manufacturing N37.37billion.

The report said commercial and trading generated N17.19billion while mining generated the least and closely followed by textile and garment industry and local government councils with N61.38million, N306.05million, and N319.04million generated respectively.

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NBS said out of the total amount generated in Q1 2020, N172.67billion was generated as Non Import VAT locally while N93.67billion was generated as Non-Import VAT for foreign.

The balance of N72.59billion, according to the report, was generated as Nigeria Customs Service-Import VAT.

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