Nigeria Realises N651.77 Billion from VAT in the First Quarter

The Federal Government realised N651.77 billion from Value Added Tax in the first half (H1) of the year.

In the report titled, ‘Sectoral distribution on Value Added Tax’ and released by the National Bureau of Statistics (NBS) on Monday, the amount was more than the N600.98 billion generated in the first half of 2019.

“This represents 8.45 per cent growth year-on-year.”

A break down of the report revealed that the federal government generated N95.92 billion VAT from professional services during the period under review. This was followed by the manufacturing sector with N67.63 billion while the commercial and trading generated N31.10 billion.

However, the mining sector generated the lowest at N127.59 million. Followed by textile and garment industry and pharmaceutical, soaps and toiletries with N499.19 million and N648.78 million VAT, respectively.

Total local non-import VAT stood at N335.82 billion while about N161.74 billion was classified as foreign non-import VAT.

The remaining balance of N154.21 billion was classified as NCS-import VAT.