Nigeria generated the sum of N273.50 billion as Value Added Tax (VAT) in the third quarter (Q3) of 2018 as against N266.73 billion generated in Q2 2018 and N269.79 billion in Q1 2018.
This, according to the National of Bureau of Statistics (NBS), represents 2.54 percent increase Quarter-on-Quarter and 9.16 percent increase Year-on-Year.
The NBS report show that manufacturing generated the highest amount of VAT with N31.48 billion and closely followed by Professional Services, which generated N25.57 billion and Commercial and Trading both generating N15.99 billion.
Mining generated the least and closely followed by Pharmaceutical, Soaps and Toiletries and Textile and Automobiles and Assemblies with N52.70 million, N177.34 million and N265.35 million generated respectively.
Furthermore, the report indicated that out of the total amount generated in Q3 2018, N128.62 billion was generated as Non-Import VAT locally while N58.84 billion was generated as Non-Import VAT for foreign. The balance of N86.04 billion was generated as NCS-Import VAT.
The breakdown of the sectoral distribution of VAT revealed that agricultural and plantation generated N722.24 billion in Q3 2018, which was 7.57 percent lower when compared to N781.42 billion generated in the second quarter of 2018.
VAT generated by banks and financial institutions declined by 4.87 percent to N4.5 billion in Q3 2018 from N4.7 trillion the preceding quarter of Q2 2018.
Federal Ministries and Parastatals generated N4.79 trillion as VAT in the third quarter of 2018, showing a 13.50 percent decline over the level of N5.54 trillion generated in the second quarter of the same year.
The VAT generated by Hotels and Catering rose by 3.63 percent to N1.61 trillion in the period under review as against N1.18 trillion generated in the second quarter of 2018 as stated in the NBS report.
