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

CBN okays dollar collection for diaspora remittances

CBN okays dollar collection for diaspora remittances The Central Bank of Nigeria (CBN) has stopped naira payment to recipients of diaspora remittances (dollar inflows) from International Money Transfer Operators (IMTOs). The customers are by a new regulation released on Monday, allowed to receive their funds through foreign currencies of their choice, including payment of the funds into domiciliary accounts. The new policy, contained in a circular signed by CBN Director, Trade & Exchange Department, O.S. Nnaji, is expected to simplify and improve receipt and administration of diaspora remittances into Nigeria. According to Nnaji, recipients of such IMTOs remittances have the option of receiving these funds in foreign currency cash or into their domiciliary accounts. According to the apex bank,  beneficiaries of diaspora remittances through the  IMTOs shall now get such inflows in foreign currency (US Dollar) through the designated banks of their choice. “...
Post a Comment
Read more

World Bank Group Seeks the Services of Young Professionals

The World Bank Group's Young Professionals Program (WBG YPP) The WBG YPP is a starting point for an exciting career at the World Bank Group. Young Professionals are recruited from around the world with various academic and professional backgrounds relevant to the World Bank, IFC and MIGA. We are looking for applicants who demonstrate a passion for international development, graduate education, relevant professional experience, and the potential to grow into impactful leadership roles across our institutions. The group is currently seeking application for young, innovative and result driven persons for employment.  Interested persons should visit. http://www.worldbank.org/ypp
1 comment
Read more