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

N-Power: FG extends Batch C enrolment Aug 8

FG extends Batch C N-Power enrollment to August 8 Add caption The Federal Government says the enrolment for Batch C scheme of the N-Power Programme which started on June 26 will now close on August 8. Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar-Farouq, who disclosed this via  Twitter on Sunday night, said over 5 million applications have been received for the scheme. The Federal Government plans to enrol 400,000 applicants in the Batch C scheme. Batches A and B of the programme who are about to exit the programme held a rally at the National Assembly Complex last week, requesting FG to employ them as well as pay them a grant of N600,000 each. Providing an update on the development, the minister said on Sunday, “I received the news of a protest at the National Assembly by N-Power Batch A and B beneficiaries who presented a list of demands which we are reviewing and will address as practically possible. “Let me reiterate that th...
Post a Comment
Read more

PRESIDENT BUHARI RECEIVES MADAGASCAN COVID-19 HERBAL “DRUG” FROM GUINEA BISSAU’S PRESIDENT EMBALO

PRESIDENT BUHARI RECEIVES MADAGASCAN COVID-19 HERBAL “DRUG” FROM GUINEA BISSAU’S PRESIDENT EMBALO President Muhammadu Buhari Saturday at the State House, Abuja, received the Madagascan native formulation against the Covid-19 pandemic, and reiterated that he will listen to science before allowing traditional or any new medicines to be administered on Nigerians. At an audience meeting with President Umaro Sissoco Embalo of Guinea Bissau who brought along with him the samples of the traditional medicine as shared to African nations by Madagascar, President Buhari said his position on all such herbal or traditional medicinal postulates had remained the same. “We have our institutions, systems and processes in the country. Any such formulations should be sent to them for verification. I will not put it to use without the endorsement of our institutions,” said the Nigerian President. On the main reason for his visit, President Embalo said having stabilized his country after the tus...
Post a Comment
Read more

Local investors take charge as foreign investors remain cautious amid FX scarcity

Local investors take charge as foreign investors remain cautious amid FX scarcity Renewed positive sentiments in the global space dominated markets in the month of May as investors’ optimism for a speedy economic recovery continues to support appetite for risky assets. This is also coming on the heels of ease in lockdown and gradual reopening of economic activities. In Nigeria, domestic investors took the driving seat at the nation’s equities market in the month of May as they took positions in cheap and dividend-paying bellwether stocks. On the other hand, foreign investors who are unable to move their funds from the country due to FX scarcity rolled their money back into the equities market. In the month of May, total value of transactions executed by domestic Investors out performed transactions executed by Foreign Investors by 40percent. According to data released by the Nigeria Stock Exchange, total transactions executed between May and April revealed that total domest...
Post a Comment
Read more