N298bn generated from VAT in Q4, 2018 – NBS

The National Bureau of Statistics (NBS) said Nigeria generated N298.01 billion from Value Added Tax in the fourth quarter, 2018.

NBS said this in a Sectoral Distribution of VAT report for the fourth quarter, 2018 posted on its website.

The News Agency of Nigeria reports that VAT is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to the point of sale.

The report said that the figures in the quarter under review rose by 8.96 per cent quarter-on-quarter and by 17.28 per cent year-on-year.

It said the sum of N298.01 billion was generated as VAT in fourth quarter 2018, as against N273.50 billion generated in third quarter 2018, and N266.73 billion in the second quarter, 2018.

According to the report, the manufacturing sector generated the highest amount of N28.82 billion VAT.

This, the report said, was closely followed by Professional Services generating N24.12 billion, while  Commercial and Trading generating N16.02 billion.

Also, it said the mining sector generated the least amount of N35.75 million, Pharmaceutical N209.33 million, while Chemical and Allied Industries generated N258.39 million.

The report said N138.42 billion was generated as Non-Import VAT locally, while N47.89 billion was generated as VAT for foreign items in the quarter under review.

The bureau, however, said that the balance of N111.71 billion was generated as Nigeria-Customs Import VAT in the period under review.

The data for the report was provided by the Federal Inland Revenue Service, verified, and validated by the NBS.

Credit: NAN