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BUSINESS & ECONOMYCOVERNEWSLETTER

Nigerian Government Records ₦338.94 billion VAT in Q1– NBS

NBS

The National Bureau of Statistics (NBS) disclosed in its sectoral distribution of VAT data for Q1, released on Monday that N338.94billion was generated as Value Added Tax (VAT) in the first quarter (Q1) of 2020.

It says the amount recorded in Q1 was more than the N308.48billion generated in Q4, 2019 and N293.04billion in Q1 2019, representing 9.87 per cent increase Quarter-on-Quarter and 15.66 per cent increase Year-on-Year.

NBS explained that the professional services generated the highest amount of N38.30 billion and closely followed by other manufacturing, which generated N37.37 billion.

It also stated that commercial and trading generated N17.19 billion while mining had the least and closely follwed by Textile and Garment industry and Local Government Councils with N61.83 million, 306.05 million and 319.04 million respectively.

According to NBS, out of the total amount generated in Q1, 2020, N172.67 billion was generated as non-import VAT locally while N93.67 billion was realised as non-import VAT for foreign.

It further added that the balance of N72.59 billion was generated in Nigeria Customs Service-import VAT.

About Author

Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

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