National Bureau of Statistics (NBS), yesterday said the Federal Government generated the sum of N275.12 billion  from Value Added Tax (VAT) in the third quarter of this year.

This was  against the N311.94 billion generated in Q2, 2019 and N273.50 billion generated in Q3 2018 representing -11.81 per cent  decrease quarter-on-quarter and 0.59 per cent  increase Year-on-Year.

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Professional services raked in the highest amount of N32.09 billion and closely followed by Manufacturing which generated N30.27 billion, with Commercial and Trading earning N14.47 billion while Mining got the least and closely followed by Textile and Garment Industry and Pharmaceutical, Soaps & Toiletries with N44.30 million, N253.83million and N291.06 million generated respectively. Out of the total amounted generated in Q3 2019, N150.74 billion was generated as Non-Import VAT locally while N63.00 billion was generated as Non-Import VAT for foreign. The balance of N61.37 billion was generated as NCS-Import VAT.