Business & Economy

Nigeria generated N424.71bn VAT in Q3 —NBS

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Nigeria generated N424.71bn VAT in Q3 —NBS

The National Bureau of Statistics released its report on Monday, November 2, 2020, stating that the sectoral distribution of Value Added Tax data for the third quarter of 2020 reflected that the sum of N424.71bn was generated as VAT in Q3 2020.

Meanwhile, this was against N327.20bn generated in Q2 2020 and N275.12bn generated in Q3 2019.

The NBS said in its report that the third quarter VAT represents 29.8 per cent increase quarter-on-quarter and 54.37 per cent increase year-on-year and other manufacturing generated the highest amount of VAT with N47.07bn generated.

This, it said, was closely followed by professional services, which generated N44.01bn.

It also said commercial and trading generated N21.18bn, while mining generated the least, although mining was closely followed by textile and garment industry and pharmaceutical, soaps and toiletries with N64.50m, N346.27m and N386.16m respectively.

The bureau, however, stated that out of the total amount generated in Q3 2020, N214.66bn was generated as non-import VAT locally, N115.34bn was generated as non-import VAT for foreign and the balance of N94.70bn was generated as Nigerian Customs Service-Import VAT.

 

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Uchechi Ogbuehi-Daniel
Uchechi Ogbuehi-Daniel, is a Lagos-born and based writer, newscaster and voice-over artist. A versatile and committed journalist with the yearning to make a difference in the industry. She writes balanced, informative and interesting stories. Uchechi has the ability to interact and listen with rapt attention, excellent time management and great communication skills while paying attention to detail. She is very approachable and a good team player. Instagram | LinkedIn
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1 Comment

  1. So detailed

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