Nigeria rakes in N275bn from VAT in Q3 of 2019, says NBS

NIGERIA earned N275.12 billion from Value Added Tax in the third quarter of 2019, data released by the National Bureau of Statistics have shown.

According to the Sectoral distribution of  VAT report released on Monday, the new earning is a decline of N36.82 billion as against the sum of N311.944 billion generated in the previous quarter of the year.






     

     

    The amount also flagged an obvious Quarter -on- Quarter decrease of -11.81 per cent from 2018 third quarter remittance of N273.50bn.

    The Bureau also revealed that  Professional Services generated the highest amount of VAT with N32.09bn generated and closely followed by other manufacturing generating N30.27bn, commercial and trading generating N14.47bn.

    However, data showed that the mining industry generated the least and was closely followed by the textile and garment industry at N44.30 million and pharmaceutical –N253.83million, and soaps & toiletries at N291.06million.

    “Out of the total amount generated in Q3 2019, N150.74bn was generated as non-import VAT locally while N63.00bn was generated as non-import VAT for foreign. The balance of N61.37bn was generated as NCS-import VAT,” read the report in part.

    Join the ICIR WhatsApp channel for in-depth reports on the economy, politics and governance, and investigative reports.

    Support the ICIR

    We invite you to support us to continue the work we do.

    Your support will strengthen journalism in Nigeria and help sustain our democracy.

    If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here


    Support the ICIR

    We need your support to produce excellent journalism at all times.

    - Advertisement

    Recent

    - Advertisement