The National Bureau of Statistics (NBS) says Nigeria generated N289.04 billion from value-added Tax (VAT) in the first quarter of 2019, a decline from the N298.01 billion generated in Q4 2018.
This is contained in a Sectoral Distribution of VAT report for the first quarter 2019 released by the bureau.
This, it said, represented a 3.01% decrease quarter-on-quarter and 7.13% increase year-on-year.
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.
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According to the report, the manufacturing sector generated the highest VAT amount of N31.42 billion.
It said that it was followed by professional services generating N24.31 billion, commercial and trading generating N14.92 billion.
It further said that the mining sector generated the least amount of N59.88 million, pharmaceuticals N201.58 million, while the chemicals and allied industry generated N298.14 million.
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The report noted that N137.06 billion was generated as non-import VAT locally, while N98.97 billion was generated as non-import VAT for foreign items in the quarter under review.
According to the bureau, N5.01 billion was generated as Nigeria Customs import VAT within the period under review.
The data for the report was provided by the Federal Inland Revenue Service (FIRS).
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