N269.79bn generated by FG as VAT in first quarter of 2018 - NBS

The federal government generated the sum of
N269.79 billion as Value Added Tax (VAT) in the first
quarter of 2018
- This was revealed on Thursday, May 17 by the
National Bureau of Statistics
- The VAT generated in the first quarter of 2018 was
higher than what was generated in the fourth quarter
of 2017, which was N254.10 billion
The National Bureau of Statistics (NBS) has said
that the federal government generated the sum
of N269.79 billion as Value Added Tax (VAT) in
Q1 2018 as against N254.10 billion generated in
Q4 2017 and N221.38 billion in Q1 2017.
This was contained in its sectoral distribution of
VAT data for Q1 2018 released on Thursday, May
17, in which it said the figure represents 6.17
percent increase Quarter-on-Quarter and 21.87%
increase Year-on-Year.
NAIJ.com notes that other manufacturing, the
bureau said generated the highest amount of
VAT with N30.14bn generated and closely
followed by professional services and
commercial and trading both generating
N16.58bn and N14.93bn respectively.


Mining was said to have generated the least,
followed by pharmaceutical, soaps and toiletries
and textile and garment industry with N46.25m ,
N243.44m and N285.43m generated respectively.
The reported stated that out of the total amount
generated in Q1 2018, N121.40bn was generated
as non-import VAT locally, while N98.40bn was
generated as non-import VAT for foreign, adding
that the balance of N50.00 billion was generated
as NCS-Import VAT.


Meanwhile, adegokblog .com previously reported that
Kemi Adeosun, minister of finance, disclosed that
between January and October 2017, Nigeria
generated N797.51 billion into the federation
account , from Value Added Tax (VAT).
The minister made the revelation on Tuesday,
October 31, in Abuja, while releasing details of
the 2017 VAT collection.