The National Bureau of Statistics (NBS) says out of N246.30 billion generated as Value Added Tax (VAT) in the second quarter of the year, banks and financial institutions recorded N5.672 billion. This amount is N1, 501,964,428 less than what the sector generated in the first quarter of 2017. The bureau gave the figure in its `Sectoral Distribution of Value Added Tax’’ for the Second Quarter released on Friday in Abuja.
It stated that the value generated in the quarter (N246.30 billion) was greater than N204.77 billion generated in the first quarter of the year and N187.03 billion realised in the second quarter of 2016. It said the value represented a 20.28 per cent increase quarter-on-quarter and 31.69 per cent increase year-on-year.