Nigeria Earns N338.94bn From VAT In Q1, 2020 –NBS

The National Bureau of Statistics (NBS) has on Thursday reported that the total Value Added Tax ,VAT, generated in the first quarter (Q1) of 2020 was N338.94 billion.

The Bureau in report posted on its website disclosed the Sectorial distribution of VAT data for Q1 2020 indicated that ” N338.94 billion was generated in Q1 2020 as against N308.48 billion generated in Q4 2019 and N293.04 billion generated in Q1 2019.”

The report noted that the VAT generation showed 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 VAT with N38.30 billion  and closely followed by manufacturing with N37.37 billion.

The report also revealed that  commercial and trading generated N17.19 billion, while mining generated the least, closely followed by textiles and the garment industry.

 NBS said out of the total amount generated in Q1 2020, N172.67 billion was generated as non  Import VAT locally, while N93.67 billion was generated as non-Import VAT for foreign. The balance of N72.59 billion, according to the report, was generated as  Nigeria Customs Service-Import VAT.