Manufacturing Sector generates N31.48bn VAT in Q3

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The manufacturing sector was a major contributor to internally generated revenue through Value Added Tax (VAT) in the third quarter of 2018 generating 11.5 per cent of the amount that came in for the government through VAT.

Data released by the Nigerian Bureau of Statistics (NBS) showed that the other manufacturing sector generated the highest amount of VAT with N31.48 billion in the third quarter of 2018. According to the bureau the sum of N273.50 billion was generated as VAT in Q3 2018 as against N266.73 billion generated in Q2 2018 and N269.79 billion in Q1 2018 representing 2.54 percent Increase Quarter-on-Quarter and 9.16 percent increase Year-on-Year.

The statistics showed that the Professional Services and Commercial and Trading followed the manufacturing sector closely with both generating N25.57 billion and N15.99 billion respectively while Mining generated the least and closely followed by Pharmaceutical, Soaps & Toiletries and Textile and Automobiles & Assemblies with N52.70 million, N177.34 million and N265.35 million generated respectively.

It also showed that out of the total amounted generated in Q3 2018, N128.62 billion was generated as Non-Import VAT locally while N58.84 billion was generated as Non-Import VAT for foreign. Also, the balance of N86.04 billion was generated as NCS-Import VAT.

Furthermore, the breweries, bottling and beverages companies generated N7.8 billion in Q3 2018 from N9.4 billion in Q2 and N8.8 billion in Q1 2018. Banks and financial institutions also generated N4.5 billion in Q3 from N4.7 billion in Q2 and N5.2 billion in Q1 2018.

Automobiles and assemblies generated N265 million in Q3 2018 from N488 billion in Q2 2018 and N441 billion in Q1 2018.

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