Nigeria’s Tax Revenue Down By 2.58 Billion Naira
This is one of the indicators that show Nigeria is battling economic recession. The government’s tax revenue is dropping.
On Tuesday, the National Bureau of Statistics, NBS released the total revenue generated by Nigeria through Value Added Tax, VAT in the first three months of 2017.
The data showed that VAT receipts dropped from 207.35 billion Naira within the last three months of 2016 to 204.77 billion in the first quarter of 2017, that is a -1.24% drop.
The NBS stated in the report that the manufacturing sector generated the highest amount of VAT with 28.73 billion Naira, adding that this was followed by professional services and commercial trading, with 20.82 billion and 12.89 billion Naira, respectively.
On the flip side, the mining sector recorded the smallest VAT collection of 35.07 million Naira only.
“Sectoral distribution of VAT data for Q1 2017 reflected that the sum 204.77 billion Naira was generated as VAT in Q1 2017 as against 207.35 billion Naira generated in Q4 2016 and 186.43 billion Naira in Q1 2016, representing 1.25% decrease quarter-on-quarter and 9.84% increase year-on-year,” the report read in part.
The report stated that out of the total VAT generated in the first quarter, 126.64 billion Naira came in as non-import VAT locally, while 31.72 billion Naira was generated as non-import VAT from foreign sources.
The balance of 46.41 billion Naira, the report added, was generated as Nigeria Custom Service-import VAT.