NBS: VAT revenue increased by N41bn in Q2

The revenue generated from value added tax increased by N41.53 billion in the second quarter of 2017, says the National Bureau of Statistics (NBS) sectoral distribution report.

According to the report, N246.30 billion was generated in Q2 2017, as against N204.77 billion generated in the first quarter.

A sum of N187.03 billion was recorded in Q2 2016, amounting to a 20.28% increase quarter-on-quarter and 31.69% increase year-on-year.

Other manufacturing generated the highest amount of VAT with N33.69bn recorded while professional services and oil producing generated N21.64 billion and N14.94 billion respectively.

Local government councils came next, generating N154.72 million, closely followed by pharmaceutical, soaps & toiletries which generated N194. 26 million.

Mining generated the least with a modest N34.19 million.

Out of the total amount generated in the second quarter of 2017, N137.79 billion was non-import VAT locally while N59.83 billion was generated as non-import VAT for foreign.

Nigeria customs aervice import VAT generated N48.68 billion.

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