Nigeria records ₦338.94 billion VAT revenue in Q1 -NBS
The National Bureau of Statistics (NBS) says ₦338.94 billion was generated as Value Added Tax (VAT) in the first quarter (Q1) of 2020.
The NBS made this known in its latest Sectoral distribution of VAT data for Q1, 2020 released on Monday.
It stated that the amount recorded in Q1 was more than the ₦308.48 billion generated in Q4, 2019 and ₦293.04 billion in Q1 2019.
This represents 9.87 percent increase quarter-on-quarter and 15.66 percent increase year-on-year.
The bureau explained that the professional services generated the highest amount of ₦38.30 billion.
This was closely followed by other manufacturing, which generated ₦37.37 billion.
NBS added that commercial and trading generated ₦17.19 billion.
Then, mining had the least and closely followed by Textile and Garment industry and Local Government Councils with ₦61.83 million, ₦306.05 million and ₦319.04 million respectively.
According to NBS, out of the total amount generated in Q1, 2020, ₦172.67 billion was generated as non-import VAT locally.
However, the sum of ₦93.67 billion was realised as non-import VAT for foreign.
It further added that the balance of ₦72.59 billion was generated in Nigeria Customs Service-import VAT.
Nigeria records ₦338.94 billion VAT revenue in Q1 -NBS
