Home NEWS Financial News NBS: FG Rakes in N424.71bn from VAT in Q3

NBS: FG Rakes in N424.71bn from VAT in Q3

By
Olufemi Akinyemi
-
453
7310
National Bureau of Statistics

The National Bureau of Statistics on Monday said that the federal government generated a total sum of N424.71 billion from the Value Added Tax (VAT) in the third quarter of the year (Q3 2020) compared to N327.20 billion in Q2 as well as N275.12 billion in Q3 2019.

According to the sectoral distribution of Value Added Tax (VAT) data for Q3 2020, which was released by the National Bureau of Statistics (NBS), the figure represented a 29.80 per cent or N97.51 billion increase in VAT collection month on month and 54.37 per cent or N149.59 billion increase year on year.

Other manufacturing generated the highest amount of VAT with N47.07 billion and closely
followed by professional services, which posted N44.01 billion as well as commercial and trading, which recorded N21.18 billion.

Mining generated the least and closely followed by textile and garment industry and pharmaceuticals, soaps & toiletries with N64.50 million, N346.27 million and N386.16 million respectively.
According to the NBS, out of the total amount generated in Q3 2020, N214.66 billion was generated as Non-import VAT locally while N115.34 billion represented Non-import VAT for foreign.
The balance of N94.70 billion was generated as Nigeria Customs Service (NCS)-Import VAT.
According to the report, revenue from banks and financial institutions during the period under review totalled N6.87 billion; breweries, bottling and beverages N15.83 billion; hotels and catering N2.14 billion and federal ministries and parastatals N6.37 billion.

Others are state ministries and parastatals N19.64 billion; properties and investments N1.07 billion; transport and haulage services N11.86 billion and gas N1.12 billion.

Other contributors to VAT included Local Government Councils N567.97 million; pioneering N1.13 billion; oil-producing N11.54 billion; oil marketing N3.08 billion and conglomerates N1.74 billion.

Agriculture and plantation contributed N1.01 billion to VAT, automobiles and assemblies N8,8.34 million; building and construction N2.93 billion, offshore operations N1.41 billion and publishing, printing, paper packaging N473.09 million.

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Mining generated the least and closely followed by textile and garment industry and pharmaceuticals, soaps & toiletries with N64.50 million, N346.27 million and N386.16 million respectively.According to the NBS, out of the total amount generated in Q3 2020, N214.66 billion was generated as Non-import VAT locally while N115.34 billion represented Non-import VAT for foreign.The balance of N94.70 billion was generated as Nigeria Customs Service (NCS)-Import VAT.According to the report, revenue from banks and financial institutions during the period under review totalled N6.87 billion; breweries, bottling and beverages N15.83 billion; hotels and catering N2.14 billion and federal ministries and parastatals N6.37.

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