Revenue from VAT Drops in 2017 First Quarter

Data released by the National Bureau of Statistics (NBS) has shown that the Federal Government generated the sum of N204.77 billion as Value Added Tax (VAT) in the first quarter of 2017. This is lower than the N207.35 billion generated in the fourth quarter of 2016, representing a 1.25% drop.

Other manufacturing sector generated the highest amount of VAT with N28.73 billion generated, closely followed by Professional Services and Commercial and Trading, both generating N20.82billion and N12.89billion respectively.

The bureau stated that Mining generated the least, and was closely followed by Local Government Councils and Textile and Garment industry with N35.07 million, N99.84 million and N230.89 million respectively.

It further stated that out of the total amounted generated in the first quarter of 2017, N126.64 billion was generated as Non-Import Value Added Tax locally.

In addition, it stated that N31.72 billion was generated as Non-Import VAT for foreign, while the balance of N46.41 billion was generated as Nigeria Customs Service-Import Value Added Tax in the quarter under review.

The bureau, however, acknowledged the contributions of its strategic partner, the Federal Inland Revenue Service (FIRS), and technical partner, Proshare in the design, concept and production of the publication.