Nigeria:VAT Collection Hits N424.7bn In Q3 – NBS

  • 04 November 2020 / News / 55 / ABI 1


Nigeria:VAT Collection Hits N424.7bn In Q3 – NBS

The Value Added Tax (VAT) collected by the Federal Government has risen to N424.71 billion in the third quarter of 2020.

It rose by N97.51bn from the N327.2bn recorded as of June.

The VAT data released yesterday by the National Bureau of Statistics (NBS) said the generated VAT for Q3 was also N149.59bn higher than the N275.12bn generated in the same period of 2019.

Daily Trust analysis shows that the Q3 figure represents 29.80 per cent increase on a quarterly basis, and 54.37 per cent increase on a yearly basis.

Other manufacturing indices generated the highest VAT of N47.07bn, closely followed by Professional Services generating N44.01bn.

Commercial and trading generated N21.18bn while mining generated the least and closely followed by the textile and garment industry and pharmaceutical, soaps and toiletries with N64.50 million, N346.27m and N386.16m generated respectively.

The report showed that out of the total amount generated in the third quarter of 2020, N214.66bn was generated as non-import VAT locally, while N115.34bn was generated as non-import VAT for foreign goods.

The NBS data also showed that the Nigeria Customs Service (NCS) generated N94.7bn as Import VAT.



source: dailytrust.com.ng