NBS: Nigeria earned N275bn from VAT in Q3

Nigeria earned a total of N275.12 billion from Value Added Tax in the third quarter of this year, according to figures released by the National Bureau of Statistics.

In a report released on Monday, NBS said the N275.12 billion earnings represents a decline of N36.82 billion when compared with the N311.94 billion generated in the second quarter.

The report revealed professional services generated the highest amount of VAT with N32.09 billion, closely followed by other manufacturing with N30.27 billion; while commercial and trading activities generated N14.47 billion.

The report further stated that mining generated the least with N253.83 and it was closely followed by the textile and garment industry, N253.83m, with pharmaceutical, soaps, and toiletries at N291.06m.

The report stated that out of the total amount generated in 2019, N150.74 billion was generated as Non-Import VAT locally while N63 billion was generated as Non-Import VAT for foreign.

The balance of N61.37 billion, according to the report was generated as NCS-Import VAT.

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