BREAKING: Nigeria Generates N338.94 Billion VAT In First Quarter 2020 – NBS
The different sectors of the Nigerian economy have generated N338.94 Billion in Valua Added Tax (VAT) in the First Quarter (Q1) of 2020, representing 15.66% growth against the N293.04 billion generated in the same quarter of 2019, the Nigerian Bureau of Statistics (NBS) has said.
The NBS disclosed this in the Sectoral Distribution Of Value Added Tax published on Thursday.
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According to the NBS, professional services generated N38.30 billion, representing the highest amount of VAT for the period, while the manufacturing sector generated N37.37bn.
Commercial and Trading generated N17.19 billion , Mining generated the least, N61.83 million while Textile and Garment Industry and Local Government Councils
generated N306.05 million and N319.04 million respectively.
The NBS futher disclosed that N172.67 billion was generated as Non- Import VAT locally, while Non-Import VAT for foreign accounted for N93.67 billion.
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NCS-Import VAT also accounted for N72.59 billion in the Q1 2020 VAT, the NBS, said.
The federal government had increased VAT to 7.5% up from 5 per cent.
