Nigeria generates ₦246.3 billion from VAT in Q2 – NBS
The National Bureau of Statistics, NBS, says it generated ₦246.3 billion from Value Added Tax, VAT, during the second quarter of the year.
The bureau gave the figure in its “Sectoral Distribution of Value Added Tax” for the Second Quarter released on Friday in Abuja. It stated that the value generated in the quarter was greater than ₦204.77 billion generated in the first quarter of the year and ₦187.03 billion realised in the second quarter of 2016.
It said the value represented a 20.28 per cent increase, quarter-on-quarter, and 31.69 per cent increase year-on-year.
According to the bureau, the manufacturing sector generated the highest amount of VAT with ₦33.69 billion, closely followed by professional services and oil producing of ₦21.64 billion and ₦14.94 billion respectively.
It said the mining sector generated the least and closely followed by local government councils and pharmaceutical, soaps and toiletries with ₦34.19 million, ₦154.72 million and ₦194.26 million in that order.
It noted that out of the total amount generated in the second quarter, ₦137.79 billion was realised as non-import VAT locally, while ₦59.83 billion was generated as Non-Import VAT for foreign.
It further said the balance of ₦48.68 billion was generated as Nigeria Customs Service Import VAT.
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