Nigeria generates N289bn from VAT in Q1 2019 – NBS report
The National Bureau of Statistics (NBS) said Nigeria generated N289.04 billion from Value Added Tax (VAT) in the first quarter of 2019.
This is contained in a Sectoral Distribution of VAT report for the first quarter, 2019 posted on NBS’ website.
News Agency of Nigeria (NAN) reports that VAT is a consumption tax placed on a product whenever value is added at each stage of the supply chain – from production to the point of sale.
The report said that the amount generated within the period under review declined compared to the amount generated in the fourth quarter of 2018.
According to the report, the country generated N298.01 billion in the fourth quarter of 2018.
This, it said, represented a 3.01 per cent decrease quarter-on-quarter and 7.13 per cent increase Year-on-Year.
According to the report, the manufacturing sector generated the highest VAT amount of N31.42 billion.
It said that it was followed by Professional Services generating N24.31 billion, Commercial and Trading generating N14.92 billion.
It further said that the mining sector generated the least amount of N59.88 million, pharmaceuticals N201.58 million, while the Chemicals and Allied Industry generated N298.14 million.
The report noted that N137.06 billion was generated as Non-Import VAT locally, while N98.97 billion was generated as Non-Import VAT for foreign items in the quarter under review.
The bureau, however, said that the balance of N5.01 billion was generated as Nigeria-Customs Import VAT within the period under review.
The data for the report was provided by the Federal Inland Revenue Service (FIRS), verified and validated by NBS.