The National Bureau of Statistics (NBS) yesterday, May 14, said the country generated ₦338.94 billion as Value Added Tax (VAT) in the first quarter of the year (Q1’20).
This represents a 15.66% year-on-year (YoY) rise when compared to ₦293.04 billion generated in the corresponding period of year 2019.
It also shows a 9.9% increase quarter-on-quarter, against ₦308.48 billion generated in the fourth quarter of 2019.
The National Bureau of Statistics made this known in its Sectoral Distribution of VAT Report for Q1’20.
The report revealed that professional services generated the highest amount of VAT overtaking “Other Manufacturing” sector which has been in the top position of VAT generation over the years.
According to the Bureau, Professional Services generated the highest amount of VAT with ₦38.30 billion generated and closely followed by Other Manufacturing generating ₦37.37 billion.
Commercial and Trading generated ₦17.19 billion while Mining generated the least and closely followed by Textile and Garment Industry and Local Government Councils with ₦61.83 million, ₦306.05 million and ₦319.04 million generated respectively.
The report stated that out of the total amount generated in Q1’20, ₦172.67 billion was generated as Non-Import VAT locally while ₦93.67 billion was generated as Non-Import VAT for foreign.
The balance of ₦72.59 billion was generated as Nigeria Custom Service.