N338.94 billion of VAT generated in the first quarter – NBS

The National Bureau of Statistics (NBS) says that N338.94 billion was generated as Value Added Tax (VAT) in the first quarter (Q1) of 2020.

NBS reported this in its most recent sectoral distribution of VAT data for the first quarter of 2020, released on Monday.

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He stated that the amount recorded in the first quarter was higher than the N308.48 billion generated in the fourth quarter of 2019 and N293.04 billion in the first quarter of 2019, representing a 9.87% increase in the quarter and 15.66% in the year.

The department explained that professional services generated the largest amount of N38.30 billion and were closely followed by other manufacturers, which generated N37.37 billion.

He added that trade and commerce generated 17.19 billion dollars, while mining was less and closely, followed by the textile and clothing industry and local government councils, with N61.83 million, 306.05 million and 319.04 million, respectively.

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According to NBS, of the total generated in the first quarter of 2020, N172.67 billion were generated as VAT not imported locally, while N93.67 billion was generated as VAT not imported for foreigners.

He added that the balance of N72.59 billion was generated in the import VAT of the Nigeria Customs Service. (NAN)

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