The National Bureau of Statistics on Tuesday released a on total revenue generated by the country through Value Added Tax in the first three months of this year, with receipts dropping from N207.35bn in the fourth quarter of 2016 to N204.77bn in the first quarter of 2017.
According to the report, the decline in the amount generated represented 1.25 per cent decrease quarter-on-quarter.
Comparing the amount to the first quarter of 2016, the report stated that VAT generated was N186.43 billion in first quarter of 2016, representing 9. 84 per cent increase year-on year.
The NBS stated in the report that the manufacturing sector generated the highest amount of VAT with N28.73bn, adding that this was followed by professional services and commercial trading, with N20.82bn and N12.89bn, respectively.
The bureau stated that mining generated the least, and was closely followed by Local Government Councils and Textile and Garment industry with N35.07 million, N99.84 million and N230.89 million respectively.
It further stated that out of the total amounted generated in the first quarter of 2017, N126.64 billion was generated as Non-Import VAT locally.
In addition, it stated that N31.72 billion was generated as Non-Import VAT for foreign, while the balance of N46.41 billion was generated as Nigeria Customs Service-Import VAT in the quarter under review.
“Sectoral distribution of VAT data for Q1 2017 reflected that the sum N204.77bn was generated as VAT in Q1 2017 as against N207.35bn generated in Q4 2016 and N186.43bn in Q1 2016, representing 1.25 per cent decrease quarter-on-quarter and 9.84 per cent increase year-on-year,” the report read in part.
According to the NBS report, Banks and Financial Institutions generated N7.17 billion; Breweries, Bottling and Beverages generated N9.19 billion; Building and Construction generated N2.75 billion; State Ministries and Parastatals generated N11.21 billion; while Federal Ministries and Parastatals generated N5.71 billion in the period.
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