- The federal government generated the sum of N269.79 billion as Value Added Tax (VAT) in the first quarter of 2018
- This is higher than what was generated in the fourth quarter of 2017, which was N254.10 billion
The National Bureau of Statistics (NBS) has said that the federal government generated the sum of N269.79 billion as Value Added Tax (VAT) in Q1 2018 as against N254.10 billion generated in Q4 2017 and N221.38 billion in Q1 2017.
This was contained in its sectoral distribution of VAT data for Q1 2018 released on Thursday, May 17, in which it said the figure represents 6.17 percent increase Quarter-on-Quarter and 21.87% increase Year-on-Year.
Legit.ng notes that the bureau said the manufacturing sector generated the highest amount of VAT with N30.14 billion and closely followed by professional services and commercial and trading both generating N16.58bn and N14.93bn respectively.
Mining was said to have generated the least, followed by pharmaceutical, soaps and toiletries and textile and garment industry with N46.25m , N243.44m and N285.43m generated respectively.
The report stated that out of the total amount generated in Q1 2018, N121.40bn was generated as non-import VAT locally, while N98.40bn was generated as non-import VAT for foreign, adding that the balance of N50.00 billion was generated as NCS-Import VAT.
Meanwhile, Legit.ng previously reported that Kemi Adeosun, minister of finance, disclosed that between January and October 2017, Nigeria generated N797.51 billion into the federation account, from Value Added Tax (VAT).
The minister made the revelation on Tuesday, October 31, in Abuja, while releasing details of the 2017 VAT collection.
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