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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.

Standard chartered

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.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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