Nigeria generates N289bn VAT for Q1 2019, NBS report says

A report released by the National Bureau of Statistics (NBS) has revealed that a total sum of N289.04 billion was generated as VAT in first quarter 2019.

The Sectoral distribution of Value Added Tax (VAT) data for Q1 2019 which was released on its website on Monday reflected that the sum of N289.04bn was generated as VAT in Q1 2019 as against N298.01bn generated in Q4 2018 and N269.79bn generated in Q1 2018 representing -3.01% decrease Quarter-on-Quarter and 7.13% increase Year-on-Year.

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Manufacturing generated the highest amount of VAT with N31.42bn, and closely followed by Professional Services generating N24.31bn, Commercial and Trading generating N14.92bn while Mining generated the least and closely followed by Pharmaceutical, Soaps & Toiletries and Textile and Garment Industry with N59.88mln, N201.58mln and N298.14mln generated respectively.

Out of the total amounted generated in Q1 2019, N137.06bn was generated as Non-Import VAT locally while N98.97bn was generated as Non-Import VAT for foreign.

The balance of N5.01bn was generated as NCS-Import VAT.

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