The Nigerian Government has generated the sum of N338.94 billion from Value Added Tax (VAT) in the first quarter of 2020.
The National Bureau of Statistics (NBS) disclosed this in a report titled ‘Sectoral Distribution Of Value Added Tax (Q1 2020)’ published on Thursday.
According to the NBS, the sectoral distribution of Value Added Tax (VAT) data for Q1 2020 reflected that the sum of N338.94bn was generated as VAT in Q1 2020 as against N308.48bn generated in Q4 2019 and N293.04bn generated in Q1 2019 representing 9.87% increase Quarter-on-Quarter and 15.66% increase Year-on-Year.
It revealed that professional Services generated the highest amount of VAT with N38.30bn generated and closely followed by Other Manufacturing generating N37.37bn, Commercial and Trading generating N17.19bn while Mining generated the least and closely followed by Textile and Garment Industry and Local Government Councils with N61.83m, N306.05m and N319.04m generated respectively.
Out of the total amount generated in Q1 2020, N172.67bn was generated as Non-Import VAT locally while N93.67bn was generated as Non-Import VAT for foreign. The balance of N72.59bn was generated as NCS-Import VAT.