Business
Nigeria generated N424.71bn VAT in Q3 2020 —NBS
The National Bureau of Statistics (NBS) said on Monday Nigeria generated a total sum of N424.71billion as Value Added Tax (VAT) in the third quarter of this year.
The bureau, which disclosed this in a report released in Abuja, said this was N97.51billion and N149.59billion higher than the figures generated in the second quarter of this year and third quarter of 2019 respectively.
It added that the Q3 generation represented 29.8 percent increase in quarter-on-quarter and 54.37 percent increase year-on-year.
“Other manufacturing generated the highest amount of VAT with N47.07billion generated,” NBS said.
READ ASLO: Nigerians conduct N264tn worth of electronic transactions in 3 months –NBS
This, according to the Bureau, was closely followed by professional services, which generated N44.01billion.
Commercial and trading sector generated N21.18billion while mining generated the least.
Others were Textile and garment (N64.50million), pharmaceutical (N346.27million) and soaps and toiletries (N386.16million).
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...