Nigeria makes N298b from VAT

The National Bureau of Statistics (NBS) has said Nigeria generated N298.01 billion from Value Added Tax (VAT) in fourth quarter, 2018.
NBS said this in a Sectoral Distribution of VAT report for the fourth quarter, 2018 posted on its website.
VAT is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to the point of sale.
The report said that the figures in the quarter under review rose by 8.96 per cent quarter-on-quarter and by 17.28 per cent year-on-year.
It said the sum of N298.01 billion was generated as VAT in fourth quarter as against N273.50 billion generated in third quarter 2018 and N266.73 billion in second quarter, 2018.
According to the report, other manufacturing sector generated the highest amount of VAT with N28.82 billion generated.
This, the report said, was closely followed by Professional Services generating N24.12 billion and Commercial and Trading generating N16.02 billion.
Also, it said the mining sector generated the least amount of N35.75 million; Pharmaceutical, 209.33 million while Chemical and Allied Industries generated N258.39 million.
Out of the total amount generated in the fourth quarter, 2018, the report said N138.42 billion was generated as Non-Import VAT locally while N47.89 billion was generated as Non-Import VAT for foreign.
The report, however, said that the balance of N111.71 billion was generated as Nigeria-Customs Import VAT in the quarter.
The data for the report was provided by the Federal Inland Revenue Service (FIRS) and it was verified and validated by the NBS.