Nigeria Earned Close To 1 Trillion Naira From VAT In 2017 – NBS
The type of tax Nigerians pay on goods and service known as Value Added Tax, VAT made up a huge chunk of federal government’s tax revenue in 2017.
A report released by the National Bureau of Statistics, NBS on Wednesday showed VAT revenue rose to 972.34 billion naira in 2017 alone.
An analysis of the VAT report showed that the amount was collected from 28 sectoral activities during the period under review.
A breakdown of the amount showed that the sum of 204.77 billion naira was generated in the first quarter, while the second third and fourth quarters recorded 246.3 billion naira, 250.56 billion naira and 254.1 billion naira, respectively.
In the report signed by the Statistician General of the Federation and Chief Executive, NBS, Dr. Yemi Kale, the bureau said the manufacturing sector generated the highest amount of VAT revenue at 119 billion naira.
This was closely followed by the professional services sector with 87 billion naira.
On the other hand, the report stated that the mining sector generated the least VAT revenue of 168 million naira in the one-year period.
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