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    Manufacturing sector boost Nigeria’s VAT to N269.79bn in Q1 2018

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    Naija247news Media, New Yorkhttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    Lagos Nigeria, May 18(Naija247news) Nigeria’s manufacturing sector added the highest amount of VAT with N30.14bn generated and closely followed by professional Services and commercial and trading both generating N16.58bn and N14.93bn respectively, Naija247news understands.

    According to statement from National Bureau of Statistics, NBS the sum of N269.79billion was generated as Value Added Tax, VAT in the Q1 2018, as against N254.10bn generated in Q4 2017 and N221.38bn in Q1 2017.

    In its sectoral distribution of Value Added Tax (VAT) data for Q1 2018 released last night, the NBS said the figure represents 6.17% increase Quarter-on-Quarter and 21.87% increase Year-on-Year.

    According to the report, mining generated the least and closely followed by pharmaceutical, soaps & toiletries and textile and garment industry with N46.25 mln, N243.44 mln and N285.43 mln generated respectively.

    Out of the total amount generated in Q1 2018, N121.40bn was generated as non-import VAT locally, while N98.40bn was generated as non-import VAT for foreign. The balance of N50.00bn was generated as NCS-Import VAT.

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