The federal government generated the sum of N204.77 billion as Value Added Tax (VAT) in the first quarter of 2017 as against N207.35bn generated in in the fourth quarter of 2016.
The Sectoral distribution of VAT data released yesterday by the National Bureau of Statistics (NBS) showed that the value generated in the first quarter of 2017 was greater than the N186.43bn generated in the first quarter of 2016.
Daily Trust analysis showed that the current VAT value represents 1.25 per cent decrease Quarter-on-Quarter and 9.84 per cent increase Year-on-Year.
Other manufacturing generated the highest amount of VAT with N28.73bn generated and closely followed by Professional Services and Commercial & Trading both generating N20.82bn and N12.89bn respectively.
The data showed that mining generated the least and closely followed by Local Government Councils and Textile and Garment industry with N35.07 million, N99.84 million and N230.89 million respectively.
The report showed that out of the total amounted generated in Q1 2017, N126.64bn was generated as Non-Import VAT locally while N31.72bn was generated as Non-Import VAT for foreign.
Analysis showed that the balance of N46.41bn was generated as NCS-Import VAT.
