Nigeria Generates N701.634bn VAT Revenue In 9 Months

Nigeria Generates N701.634bn VAT Revenue In 9 Months


Post Views: 687 New data released by the National Bureau of Statistics (NBS), on Wednesday showed that Nigeria earned N250.56bn in revenue from Value ...

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New data released by the National Bureau of Statistics (NBS), on Wednesday showed that Nigeria earned N250.56bn in revenue from Value Added Tax (VAT) in between July and September (third quarter) 2017, representing a N53.86bn or 27.39% increase over the N196.7bn recorded in the corresponding period of 2016 (year-on-year).
Also, when compared to the N246.3bn reported in the second quarter of 2017, the VAT earnings was marginally better by 1.73%.
This brought Year-to-Date revenue from VAT for the country to N701.634bn, representing 23.06% improvement over the figure for the first nine months of 2016.
According to the NBS, N125.13bn or 50.8% of the amount for period was generated as non-import VAT locally, representing 13.49% rise over the N110.255bn of the 2016Q3; just as it fell by 9.19% from N137.786bn in the 2017Q2, while YTD it had garnered N389.56bn, up by 9.37% over previous year’s figure.
Non-import VAT for foreign, contributed N72.1bn or 29.27% of VAT for the period, a 20.5% rise above the N59.831bn of 2017Q2; and 122.35% above the N32.425bn reported in the corresponding Q3 of 2016; just as total YTD stood at N163.648bn, a princely 90.35% growth rate.
VAT on import duty paid through the Nigeria Customs Service (NCS) stood at N53.33bn, rising by 9.55% above the N48.684bn reported in the preceding quarter, but a marginal 1.26% decline from the N54.014bn recorded in the corresponding period of 2016, just as YTD VAT revenue from the sector stood at N148.425bn, an increase of 15.97%.
A further breakdown showed that ‘other manufacturing’ generated the lion’s share of N28.98bn for the period, ahead of N22.73bn by professional services, followed by N12.09bn from oil producing, while from the rear, the mining sector could only pool N22.7m; while local government councils garnered N184.42m; and pharmaceutical, soaps and toiletries came next with N193.78m.
By sector, other manufacturing sector generated N28.983bn in VAT revenue for the three-month period, representing a 19.32% improvement over the N24.29bn of 2016Q3; but was 13.98% lower than the N33.692bn reported in 2017Q2. YTD, the sector’s contribution had risen to N91.404bn or 21.85% from the figure in the first nine months of 2016.
VAT from professional services stood at N22.731bn, a 5.06% rise over the N21.637bn reported in prior quarter; and 15.39% growth over the N19.7bn in 2016Q3; just as it yielded N65.186bn in nine months, a 4.74% growth rate over the similar period of 2016.
Oil producing companies earned a total of N12.092bn VAT revenue for the Federal Government for the period, a decline of 19.06% from the N14.939bn of the prior quarter, but an increase of 32.46%, when compared with the N9.129bn reported in the 2016Q3. For the nine-month period, the sector garnered N36.957bn into the federal purse, which was 17.41% better than in the corresponding period of 2016.
State government ministries and parastatals raked in N11.424bn, a 30.7% improvement over the N8.741bn of preceding quarter; and 60.28% above the N7.127bn reported in the 2016Q3; while YTD, income from that sector has reason by 25.07 to N31.377bn.
Commercial trading followed in terms of contribution with N11.246bn in Q3 2017, a 9.92% drop from the N12.484bn reported in the 2017Q2, and a 4.97% growth over the N10.713bn in the 2016Q3. Between January and September 2017, the sector had generated N36.629bn as VAT for government, although it represented a 2.69% decline over the same period of 2016.
It was nonetheless a mix bag in the brewery, bottling and beverages sector, where government earned N7.756bn in the period under review, an improvement of 12.81% YoY over the N6.875bn in the 2016Q3; but dropped by 22.99% from N10.071bn in the previous quarter. YTD, the sector had pooled N27.017bn, representing a 17.53% rise over the same period of 2016.
Transport and haulage service providers, within the period under review generated N5.117bn VAT, which was 17.23% better than the N4.365bn recorded in the 2016Q3; and 10.89% up from the N4.615bn of 2017Q2; while YTD, it earned N13.083bn , a 3.75% improvement YoY.
VAT revenue from banks and financial institutions in the 2017Q3 stood at N3.693bn; representing a 34.88% drop from N6.96bn reported in the preceding third quarter; just as it declined by 46.93% from N5.672bn in the preceding quarter, bringing the year-to-date VAT revenue from stakeholders in the sector to N16.54bn, which also accounted for a 9.3% drop from the level in the 2016 nine months.
From its ministries and parastatals, the Federal Government generated N3.927bn VAT, which dropped by 46.6% from N7.354bn in the preceding quarter; and 32.49%, when compared to the N5.817bn recorded in the corresponding third quarter of 2016. Total generated in the first nine months of the year by the sector as VAT stood at N16.996bn, representing a 29.97% decline from that of 2016.
The building and construction sector raked in N3.209bn VAT, representing 72.12% over the N2.073bn in QoQ; and 54.78% over the N1.864bn YoY; while YTD, the sector has contributed N8.033bn in VAT revenue, a growth of 41.05%.
The nation’s conglomerates recorded N1.724bn as VAT revenue for the period, up by 46.67% from N1.175bn in the 2016Q3; and 28.16%, when compared to the N1.247bn garnered in the 2017Q2; while YTD, the sector contributed N3.904bn revenue, representing 25.85% over that of prior year.
VAT revenue from gas for the period was N1.378bn, a 28.06% rise above the N1.076bn recorded in the preceding Q3; and a decline of 4.71% from the N1.446bn raked in during the second quarter of 2017. YTD however, it stood at N4.109bn, representing a 40.36% growth over the first nine months of 2016.
Oil marketing companies contributed N1.306bn to the VAT collections during the period, 14.9% drop from N1.535bn of the 2016Q3 and 35.71% decline over the N2.032bn reported in the preceding quarter; while YTD, it had fetched N5.007bn, which represented a rise of 6.48% over that of previous nine months.
Agricultural and plantations earned N508.007m as VAT for the period, up by 2.17% quarter on quarter, from N497.21m in the preceding quarter; and 52.29% from the N333.568m reported in the 2016Q3. Year-to-date, the sector has recorded N1.56bn, representing 5.15% in the first nine months of 2016.
VAT from automobiles and assemblies yielded N435.364m, a 13.49% drop from the N356.719m reported in YoY; just as it grew 40.83% up, year-to-date at N1.372bn; while chemicals, paints and allied industries recorded N349.294m for the period, a 27.08% drop YoY from the N478.992m YoY; and 0.54% drop from N351.186m in the preceding quarter. YTD, the sector has contributed N1.218bn, a growth rate of 22.85% in nine months.