FG Realises N424.71bn From VAT In Q3 2020

The Federal Government realised N424.71bn from Value Added Tax (VAT) in the third quarter of the year.

This was made known in data released on Monday by the National Bureau of Statistics (NBS).

The N424.71bn, according to NBS report, signified an increase compared to the N327.20bn generated in Q2 2020 and N275.12bn generated in Q3 2019.

NBS noted that the third quarter VAT represented 29.8 percent increase quarter-on-quarter and 54.37 percent increase year-on-year.

A breakdown of the report revealed that the Federal Government generated the highest VAT of N47.07 billion from the manufacturing sector and N44.01 billion was raked in from professional services.

It said that commercial and trading generated N21.18 billion, while mining generated the least with N64.50 million, closely followed by textile and garment industry with N346.27 million and pharmaceutical, soaps and toiletries, which had N386.16 million.

“Out of the total amounted generated in Q3 2020, N214.66 billion was generated as Non-Import VAT locally, while N115.34 billion was generated as Non-Import VAT for foreign.”

The report said the balance of N94.70 billion was generated as Nigeria Customs Service-Import VAT.

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