Isaac Anumihe, Abuja
Sectoral distribution of Value Added Tax (VAT) data for Q1 2020 reflected that the sum of N338.94 billion was generated as VAT in Q1 2020 as against N308.48 billion generated in Q4 2019 and N293.04 billion generated in Q1 2019, representing 9.87 per cent increase quarter-on-quarter and 15.66 per cent increase year-on-year.
The National Bureau of Statistics (NBS) reports in its website that professional services generated the highest amount of VAT with N38.30 billion closely followed by manufacturing, generating N37.37 billion; Commercial and Trading generated N17.19 billion, while Mining generated the least closely followed by Textile and Garment Industry and Local Governments with N61.83 million, N306.05 million and N319.04 million respectively.
Out of the total amounted generated in Q1 2020, N172.67 billion was generated as non-import VAT locally while N93.67 billion was generated as Non-Import VAT for foreign. The balance of N72.59 billion was generated as Nigeria Customs Service (NCS)-Import VAT.
Also, in the first quarter, VAT collections for cultural and plantations grossed N973,267,914.71 while Automobiles and Assemblies yielded N751,569,799.31.
Equally, Banks & Financial Institutions produced N5,425,572,155.26 VAT for first quarter while Breweries, Bottling and Beverages yielded N14,337,387,390.19. Similarly, Building and Construction contributed N2,840,938,984.83 to the federation account while Chemicals, Paints and Allied Industries had N569,029,027.66 even as Offshore Operations had N592,056,030.83 and Oil Marketing N2,385,256,224.63.
However, oil-producing produced N9,353,657,476.62 while Petro-Chemical and Petroleum Refineries N1,312,131,574.38 and Pharmaceutical,Soaps and Toileteries N348,557,568.88.