Nigeria generated N424.71bn VAT – NBS

The National Bureau of Statistics on Monday said N424.71bn was generated as VAT in the third quarter of the year.

This was against N327.20bn generated in Q2 2020 and N275.12bn generated in Q3 2019.

It said the third quarter VAT represented 29.8 per cent increase quarter-on-quarter and 54.37 per cent increase year-on-year.

“Other manufacturing generated the highest amount of VAT with N47.07bn generated,” the bureau said.

This, it said, was closely followed by professional services, which generated N44.01bn.

It added that N214.66bn was generated as non-import VAT locally, N115.34bn as non-import VAT foreign and N94.70bn as Nigerian Customs Service-import VAT.