Nigeria Generated N250.6b from VAT in Q3 2017—NBS

November 23, 2017
VAT Nigeria Tax hike

By Modupe Gbadeyanka

Data released on Wednesday by the National Bureau of Statistics (NBS) revealed that a total of N250.56 billion was generated by Nigeria in the third quarter of 2017.

This, according to the NBS, was against N246.30 billion generated in the second quarter of this year, and N196.70 billion in the third quarter of last year.

The stats office further disclosed that the figure showed a 1.73 percent increase Quarter-on-Quarter and 27.39 percent increase year-on-year.

NBS further stated that other manufacturing generated the highest amount of VAT with N28.98 billion generated and closely followed by Professional Services and Oil Producing both generating N22.73 billion and N12.09 billion respectively, while Mining generated the least and closely followed by Local Government Councils and Pharmaceutical, Soaps & Toiletries with N33.70 million, N184.42 million and N193.78 million generated respectively.

Out of the total amounted generated in Q3 2017, N125.13 billion was generated as Non-Import VAT locally while N72.10 billion was generated as Non-Import VAT for foreign.

It disclosed in its report that the balance of N53.33 billion was generated as the Nigeria Customs Service (NCS)-Import VAT.

Already, a total of N701.63 billion has been earned by Nigeria as VAT in the first nine months of this year.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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