Connect with us


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