National Bureau of Statistics (NBS) on Thursday declared that the country generated N254.10 billion as Value Added Tax in the fourth quarter of 2017. VAT is a type of general consumption tax that is collected incrementally, based on the increase in the value of a product or service at each stage of production or distribution. The NBS stated this in its “Sectoral Distribution of VAT Data for the fourth quarter, 2017’’ posted on its website.
The Bureau stated that the N254.10 billion VAT collected in the fourth quarter was higher when compared with the N250.56 billion generated in the third quarter of 2017, and N207.35 billion in fourth quarter 2016.
The figure represented 1.41 percent increase quarter-on-quarter and 22.55 percent increase year-on-year, the report indicated.
According to the report, manufacturing sector generated the highest amount of N28.19 billion, closely followed by Professional Services and Commercial and Trading, both generating N22.34 billion and N12.87 billion respectively.
It stated that the mining sector generated the least figure of N32.51 million.
The Pharmaceutical, Soaps and toiletries, however, garnered N177.19 million VAT, and local government councils generated N201.12 million.
The report said out of the total amount generated in the fourth quarter of 2017, N121. 09 billion was generated as Non-Import VAT locally, while N79.44 billion was generated as Non-Import VAT for foreign.
It added that N53.57 billion was generated as Nigeria Customs Service -Import VAT.
