Economy

Nigeria generated N338.94bn as VAT in Q1-NBS

The National Bureau of Statistics (NBS) has disclosed that the total Value Added Tax (VAT) that was generated in the first quarter (Q1) of 2020 was N338.94 billion.

This was revealed via its summary of the report posted on its website.

NBS said the Sectorial distribution of VAT data for Q1 2020 indicated that N338.94 billion was generated in Q1 2020 as against N308.48 billion generated in Q4 2019 and N293.04billion generated in Q1 2019.”

The report noted that the VAT generation showed an increase of 9.87 per cent in Quarter-on-Quarter and 15.66 per cent increase Year-on-Year.

It explained that professional services generated the highest amount of VAT with N38.30billion and closely followed by manufacturing with N37.37billion.

The report also revealed that commercial and trading generated N17.19 billion, while mining generated the least, closely followed by textiles and the garment industry

NBS said out of the total amount generated in Q1 2020, N172.67billion was generated as Non Import VAT locally, while N93.67billion was generated as Non-Import VAT for foreign.

The balance of N72.59billion, according to the report, was generated as Nigeria Customs Service-Import VAT.

The Nigeria Customs Service (NCS) seized 1,553 various smuggled items valued at N17.6 billion in the first quarter (Q1) of 2020 across all its commands.

This was made known in a report obtained by the News Agency of Nigeria from the Customs’ Public Relations Officer, Joseph Attah, in Abuja yesterday.

It said in January, 465 different contraband worth N2.5 billion duty paid were seized, in addition to 659 items of duty paid valued at N14.5 billion seized in February across all the Customs’ commands.

It stated that in March, 429 various seized smuggled items worth N545.8 million were also confiscated by officers and men of the service.

Attah assured that the service would sustain its anti-smuggling operations and support activities at boosting non-oil revenue for national development.

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