The Federal Government of Nigeria generated a total of N651.77 billion as Value Added Tax (VAT) for the first half (January-June) 2020, representing 8.45 percent growth compared to N600.98 billion recorded in first half 2019.
According to a National Bureau of Statistics report on Monday, professional services generated the highest amount of VAT at N95.92 billion, closely followed by other manufacturing with N67.63 billion.
Commercial and trading generated N31.10 billion. Mining generated the least with N127.58 million, followed by textile and garment industry and pharmaceutical, soaps and toiletries with N499.19 million and N648.78 million, respectively.
Of the total amount generated in the period, N335.82 billion was generated as non-import VAT locally while N161.74 billion was generated as non-import VAT for foreign.
The balance of N154.21 billion was generated as Nigeria Custom Service-Import VAT
