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

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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.

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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.

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