Skip to main content
The National Bureau of Statistics (NBS) has announces a 9.87 percent increase in the Value Added Tax (VAT) generated in the first quarter of 2020 as compared to the amount generated by the federal government in the last quarter of 2019. 

 The NBS on Thursday published on its website that the total VAT that was generated in the first quarter (Q1) of 2020 was N338.94 billion. While N308.48 billion was generated in Q4 2019 and N293.04 billion generated in Q1 2019.” 

 The report noted that the VAT generation showed an increase of 9.87 per cent in Quarter-on-Quarter (QonQ) and 15.66 per cent increase Year-on-Year (YonY). 

The NBS explained that professional services generated the highest amount of VAT with N38.30 billion and closely followed by manufacturing with N37.37 billion. 

 Mining generated the least figure of N61.38 million, followed by textiles and garment industry and local government councils with N306.05 million, and N319.04 million generated respectively.

 According to NBS, out of the total amount of N338.94 billion generated in Q1 2020, N172.67 billion was from Non Import VAT local, while N93.67 billion was generated from Non-Import VAT for foreign. 

The balance of N72.59billion, was generated as Nigeria Customs Service (NCS)-Import VAT.

Comments

Post a Comment

Popular posts from this blog

NSE vows to enhance retail investment opportunities

NSE vows to enhance retail investment opportunities   The Nigerian Stock Exchange has expressed its commitment to redefining and improving investors’ overall experience in the Nigerian capital market, and ensuring that it remains modern, convenient and secure. This was highlighted at the inaugural edition of the Retail Investors’ Webinar hosted by the Exchange in collaboration with the Nigerian International Securities Limited on Monday. The event, with the theme ‘Capital market investing in a digital age’, was supported by the Chartered Institute of Stockbrokers and the Association of Securities Dealing Houses of Nigeria. Speaking during the webinar, the Chief Executive Officer, NSE, Mr Oscar Onyema, said, “Investor participation is central to the growth and sustainable development of any economy. “The Exchange is, therefore, committed to facilitating conversations that will expound on the retail investment opportunities available in the capital market and the chann...
Post a Comment
Read more

NAIRA WEAKENS TO LOWEST IN THREE YEARS

NAIRA WEAKENS TO LOWEST IN THREE YEARS The Naira yesterday weakened to the lowest in over three years in the parallel market due to increased demand for dollars amid foreign-currency shortages. The local currency depreciated to N495 to a dollar yesterday, lowest since February 23, 2017, widening the gap with the official rate of N379.5 to over 30 per cent. The currency traded in the interbank market at 389.74 as of 4:54p.m. in Lagos. Agency reports quoted traders as alleging a groundswell of diversion of dollars, a development which heightened scarcity of the green back in the parallel market this week. There is a diversion of inflows away from official channels to the parallel market due to the gap in rates, Murega Mungai, trading desk manager for Aza Finance said in a note Thursday. The market spread has created arbitrage opportunities for recipients of remittances such as exporters and private individuals. Pent up demand in the foreign exchange market is not unprecedente...
Post a Comment
Read more

Petrol scarcity looms as tanker drivers halt operations

Petrol scarcity looms as tanker drivers halt operations   Petrol scarcity may surface across the country as the Nigerian Association of Road Transport Owners on Monday ordered tanker drivers nationwide to halt operations beginning from Tuesday (today). NARTO gave the directive in Abuja in protest against the Federal Government’s ban on petroleum trucks above 45,000 litres from plying Nigerian roads. NARTO is the umbrella organisation of all commercial vehicles owners in Nigeria engaged in the haulage of petroleum products, general cargoes, and movement of goods and passengers within the country and the West-African sub-region. Speaking at a press briefing in Abuja, NARTO’s National President, Yusuf Othman, said members of the association would have to park their trucks on Tuesday and Wednesday as warning to government against the abrupt ban. He said, “NARTO received with grave shock the recent government decision to place immediate ban on all petroleum trucks above 45,...
Post a Comment
Read more