27 November 2017, Sweetcrude, Lagos — The Nigerian Oil sector has generated the sum of N12 billion Value Added Tax, VAT revenue in the third quarter, Q3 2017, data obtained from the Nigerian Bureau of Statistics, NBS has shown.
In its just released sectorial distribution of revenue fetched through VAT, NBS said the sector raked in N12.09 billion, ranking it as third highest in terms of revenue generation.
The Professional Services sector, made the second highest, with N22.73 billion, while Mining generated the least, with N33.70 million.
Local Government Councils and Pharmaceutical made a combined revenue of N184 million, while Soap and Toiletries raked in N193.78 million.
Other manufacturing sector made the highest, N28.98 billion in Q3, 2017.
According to NBS, data for Q3 2017 reflected that the sum of N250.56bn was generated as VAT in Q3 2017 as against N246.30bn generated in Q2 2017 and N196.70bn in Q3 2016 representing 1.73% Increase Quarter-on-Quarter and 27.39% increase Year-on-Year.
Out of the total amounted generated in Q3 2017, N125.13bn was generated as non-Import VAT locally, while N72.10bn was generated as non-Import VAT for foreign.
The balance of N53.33bn was generated as Nigeria Custom Service, NCS-Import VAT.