How FG raked N800bn through VAT in 3 months

The National Bureau of Statistics (NBS) has said that about N800 billion was realised from Value Added Tax (VAT) between the first to third quarters (Q1-Q3) of 2018. The statics office disclosed this i its latest report that the revenue was generated from sectoral distribution, which indicated an increase in the revenue generated from VAT during the year under review. The NBS report showed that 269.79 billion was realised in the first quarter, N266.73 billion in the second quarter and N273.50 billion came in as VAT in the third quarter in that order. The figures represented an increase of 2.54 per cent quarter-on-quarter, and 9.16 per cent increase year-on-year. Also the report showed that the manufacturing sector generated the highest amount of VAT averaging N31.48 billion, and closely followed by Professional Services and Commercial and Trading, both generating N25.57 billion and N15.99 billion respectively. It further stated that the mining sector generated the least, closely followed by Pharmaceutical, Soaps and Toiletries and Textile and Automobiles and Assemblies with N52.70 million, N177.34 million and N265.35 million respectively. In addition, it stated that out of the total amount generated in the third quarter of 2018, N128.62 billion was generated as Non-Import VAT locally, while N58.84 billion was generated as Non-Import VAT for foreign. The report however noted that the balance of N86.04 billion was generated as Nigeria-Customs import VAT in the year. Joy Obakeye