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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.

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