The National Bureau of Statistics (NBS) says the sum of N269.79billion was generated as Value Added Tax (VAT) in Q1 2018, as against N254.10 billion generated in Q4 2017 and N221.38 billion in Q1 2017.
In its sectoral distribution of Value Added Tax (VAT) data for the first quarter of 2018 released last night, the NBS said the figure represents 6.17 per cent increase quarter-on-quarter and 21.87 per cent increase year-on-year.
Other manufacturing, the Bureau said generated the highest amount of VAT with N30.14 billion generated and closely followed by professional services and commercial and trading both generating N16.58 billion and N14.93 billion respectively.
According to the report, mining generated the least and closely followed by pharmaceutical, soaps & toiletries and textile and garment industry with N46.25 million, N243.44 million and N285.43 million generated respectively.
Out of the total amount generated in Q1 2018, N121.40 billion was generated as non-import VAT locally, while N98.40 billion was generated as non-import VAT for foreign.
The balance of N50billion was generated as NCS-Import VAT.