N338.94bn VAT generated from January to April– National Bureau of Statistics reveals

The National Bureau of Statistics (NBS) has revealed that N338.94billion was generated as Value Added Tax (VAT) in the first quarter (Q1) of 2020 with the professional services sector generating the highest amount of N38.30 billion while manufacturing sector, generated N37.37 billion.

The NBS made the revelation in its latest Sectoral distribution of VAT data for Q1, 2020 released on Monday.

According to the NBS, the amount generated in Q1 was more than the N308.48 billion generated in Q4, 2019 and N293.04billion in Q1 2019, representing 9.87 per cent increase Quarter-on-Quarter and 15.66 per cent increase Year-on-Year.

The revelation by NBS, said that commercial and trading sector generated N17.19 billion, Textile and Garment industry generated 306.05 million, Local Government Councils generated 319.04 million while mining had the lowest amount with N61.83 million .
  N172.67 billion was generated as non-import VAT locally while N93.67 billion was realised as non-import VAT for foreign.