Journalism of Courage

Nigeria made N273.5bn from VAT in 6 months

Nigeria recorded a total sum of N273.50 billion in value added tax (VAT) in six months in 2018, the National Bureau of Statistics (NBS), reported on Thursday.

According to the Bureau, sectoral distribution of Value Added Tax (VAT) data for Q2 and Q3 2018 showed that the sum of N273.50bn was generated as VAT in Q3 2018, against a total of N266.73bn generated in Q2 2018 and N269.79bn in Q1 2018. 

Out of the total amounted generated in Q3 2018, N128.62 billion was locally generated as Non-Import VAT while N58.84 billion was generated as Non-Import VAT from foreign trade. 

The country’s manufacturing sector generated the highest amount of VAT with N31.48 billion generated, NBS reported, saying Professional Services and Commercial and Trading sectors both generating N273.5 billion and N15.99 billion respectively. 

The mining sector generated  N52.70 million, while the pharmaceutical, soaps and toiletries as well as textile and automobiles and assemblies generated N177.34 million and N265.35 million respectively. 

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