The National Bureau of Statistics in its newly released report shows that in the first quarter of 2020 Nigeria generated N388.94bn as Value Added Tax (VAT).
According to the report, sectoral distribution of VAT data for Q1 of 2020 reflected that N388.94bn was generated as against N308.48bn generated in Q4 2019 and N293.04bn in Q1 2019.
This represents an incerease of 9.87 percent quarter-on-quarter and 15.66 percent increase year-on-year.
The report also showed that professional services which raked in the highest amount of VAT with N38.30bn was closely followed by other manuifacturing which brought in N37.37bn while commercial and trading generated N17.19bn.
Mining generated the least with N61.83m and was closely followed by textile and garments industry and local government councils come in with N306.05m and N319m, respectively.
While banks and financial institutions brought in N5.43bn, breweries, bottling and beverages raked in N14.34bn. Agricultural plantations generated N973.27m with building and construction sector bringing in N2.84bn.
“Out of the total generated in Q1 2020, N172.67bn was generated as non-import VAT locally while N93.67bn was genrated as non-import VAT for foreign. The balance of N72.59bn was generated as Nigeria Customs Service Import VAT,” the NB S report added.