The aggregate sectoral distribution of value added tax (VAT) in Nigeria hit N1.10 trillion in 2018, the highest ever recorded in the last 6 years according to data released by the National Bureau of Statistics (NBS).
While this may somewhat sound like good news, analysis of the year on year (y/y) growth in VAT revealed that growth in 2018 slowed down against y/y growth recorded in 2017.
VAT grew by approximately 14 percent y/y in 2018 after a 25 percent growth recorded in 2017 to N972.35 billion from N777.50 billion in 2016.
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