Data from the National Bureau of Statistics shows the three tiers of government may have earned a total of N808 billion as Value Added Tax from January to September 2018.
This marks a ₦91 billion increase from the ₦717 billion collected in the first three quarters of 2017, and an indication full year 2018 figures may exceed the comparative period of 2015, 2016 and 2017 respectively.
Full-year VAT figures stood at ₦759 billion in 2015, ₦777 billion in 2016 and ₦972 billion in 2017 respectively.
₦273.50 billion was generated as VAT in Q3 2018 as against ₦266.73 billion generated in Q2 2018 and ₦269.79 billion in Q1 2018.
VAT revenue for Q3 2018 rose by 2.54% quarter on quarter and 9.16% year on year. The quarter on quarter increase was largely driven by NCS VAT which rose by 52% from ₦56.3 billion in Q2 2018 to ₦86 billion in Q3 2018.
Other components declined. Non-Import VAT local fell from ₦129 billion in Q2 2018 to ₦128 billion in Q3 2018. Non-Import VAT foreign fell sharply from ₦81.1 billion in Q2 2018 to ₦58.8 billion in Q3 2018.
Q3 2018 breakdown
Other manufacturing generated the highest amount of VAT with ₦31.48 billion generated and closely followed by Professional Services, and Commercial and Trading both generating ₦25.57 billion and ₦15.99 billion respectively.
Mining generated the least and closely followed by Pharmaceutical, Soaps & Toiletries and Textile, and Automobiles & Assemblies with ₦52.70 million, ₦177.34 million and ₦265.35 million generated respectively.
Out of the total amount generated in Q3 2018, ₦128.62 billion was generated as Non-Import VAT locally, while ₦58.84 billion was generated as Non-Import VAT for foreign. The balance of ₦86.04 billion was generated as NCS-Import VAT.
