• Privacy Policy
  • Terms
  • About us
  • Contact Us
Monday, February 6, 2023
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

Nigeria makes N298b from VAT

The Matters Press by The Matters Press
February 22, 2019
Reading Time: 1 min read
0
Dangote to up Nigeria’s sugar production

Sugar production

Sugar production

The National Bureau of Statistics (NBS) has said Nigeria generated N298.01 billion from Value Added Tax (VAT) in fourth quarter, 2018.

RELATED POSTS

NECA fears further crashing of fragile economy

Ministry, ICRC in talks to revitalise FG’s properties abroad

FCT residents allege banks’ hoarding, selling of banknotes

NBS said this in a Sectoral Distribution of VAT report for the fourth quarter, 2018 posted on its website.

VAT is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to the point of sale.

The report said that the figures in the quarter under review rose by 8.96 per cent quarter-on-quarter and by 17.28 per cent year-on-year.

ALSO READ  AKK gas pipeline project to be completed early 2023

It said the sum of N298.01 billion was generated as VAT in fourth quarter as against N273.50 billion generated in third quarter 2018 and N266.73 billion in second quarter, 2018.

According to the report, other manufacturing sector generated the highest amount of VAT with N28.82 billion generated.

This, the report said, was closely followed by Professional Services generating N24.12 billion and Commercial and Trading generating N16.02 billon.

Also, it said the mining sector generated the least amount of N35.75 million; Pharmaceutical, 209.33 million while Chemical and Allied Industries generated N258.39 million.

Out of the total amount generated in the fourth quarter, 2018, the report said N138.42 billion was generated as Non-Import VAT locally while N47.89 billion was generated as Non-Import VAT for foreign.

ALSO READ  Osinbajo’s economic sustainability report excites Buhari

The report, however, said that the balance of N111.71 billion was generated as Nigeria-Customs Import VAT in the quarter.

The data for the report was provided by the Federal Inland Revenue Service (FIRS) and it was verified and validated by the NBS.

Tags: VAT
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

NECA on how to address Nigeria’s economic challenges
Economy/Technology

NECA fears further crashing of fragile economy

February 6, 2023
Nigeria moves to review ICRC Act
Economy/Technology

Ministry, ICRC in talks to revitalise FG’s properties abroad

February 6, 2023
Experts validate Nigeria’s implementation strategies for success under AfCFTA
Economy/Technology

FCT residents allege banks’ hoarding, selling of banknotes

February 6, 2023
New Naira notes unavailable even as CBN campaigns for acceptance
Economy/Technology

Entrepreneurs count losses over scarcity of new Naira notes

February 6, 2023
Bids roll in for Ajaokuta Steel Company
Economy/Technology

Cash crunch crashes food prices

February 6, 2023
A transformed fertilizer market is needed in response to the food crisis in Africa
Economy/Technology

Foundation ready to sustain gains of PBR cowpea

February 6, 2023
Next Post
Elections: Buhari, others vote

Elections: Buhari, others vote

Senate probes $3.5b with NNPC

Alimikhena returns as senator

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Borno Coronavirus centre

Borno Coronavirus centre

March 24, 2020
EU-ACT programme spends over N4.2b in capacity building in Nigeria

EU-ACT programme spends over N4.2b in capacity building in Nigeria

October 9, 2022
Africa’s remittance inflows hit $72b

World’s debt increases to $184trn in a week

December 14, 2018

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • NECA fears further crashing of fragile economy
  • Ministry, ICRC in talks to revitalise FG’s properties abroad
  • FCT residents allege banks’ hoarding, selling of banknotes

Categories

  • Economy/Technology
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?