Nigeria Made 338.94 Billion Naira VAT in Q1 of 2020

In the first quarter of the year (Q1), Nigeria generated 338.94 billion naira as Value Added Tax (VAT) this was disclosed by the National Bureau Statistics.

On Monday, May 18, the National Bureau Statistics released its latest Sectoral distribution of Value Added Tax for 2020’s first quarter.

The 338.94 billion Naira recorded in 2020s first quarter is higher than the 293.04 billion recorded in 2019’s fourth quarter (Q4).

2019’s first quarter shows 9.87% plunge Quarter-on-Quarter and 15.66% jump Year-on-year.

Analysis from the National Bureau Statistics (NBA) shows that professional services yielded 38.30 billion Naira which is the highest amount. Then other manufacturing yielded 37.37 billion Naira which is close to the amount the Professional services generated.

Commercial and trading yielded 17.19 billion Naira, Local Government Councils yielded 319. 04 million Naira, Textile, and Garment industry yielded 306.05 million Naira and mining yielded 61.83 million Naira making it the lowest.

Also, NBA analysis disclosed that from the amount generated in the first quarter of 2020, non-import VAT locally and non-import VAT Foreign is 172.67 billion and 93.67 billion Naira respectively. With 72.59 Naira balance yielded in Nigeria Customs Service- import VAT.