Banks, other financial institutions generate N5.672bn as VAT – NBS

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.

According to the bureau, the manufacturing sector generated the highest amount of VAT with N33.69 billion, closely followed by professional services and oil producing of N21.64 billion and N14.94 billion respectively. It said the mining sector generated the least and closely followed by local government councils and pharmaceutical, soaps and toiletries with N34.19 million, N154.72 million and N194.26 million in that order. It noted that out of the total amount generated in the second quarter, N137.79 billion was realised as Non-Import VAT locally, while N59.83 billion was generated as Non-Import VAT for foreign. It further said the balance of N48.68 billion was generated as Nigeria Customs Service Import VAT.