Nigeria generates N289bn VAT for Q1 2019, NBS report says

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

The Sectoral distribution of VAT data for Q1 2019 which was released on NBS website on Monday revealed that the sum of N289.04 billion was generated as VAT in Q1 2019 as against N298.01 billion generated in Q4 2018 and N269.79 billion generated in Q1 2018 representing -3.01 per cent decrease Quarter-on-Quarter and 7.13 per cent increase Year-on-Year.

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

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

The balance of N5.01 billion was generated as NCS-Import VAT, the data explained.