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NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 (5315 Views)

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NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by Tunex252(m): 10:26pm On Nov 02, 2020
The National Bureau of Statistics on Monday said the sectoral distribution of Value Added Tax data for the third quarter of 2020 reflected that the sum of N 424. 71 bn was generated as VAT in Q 3 2020.

This was against N 327.20 bn generated in Q 2 2020 and N 275.12 bn generated in Q 3 2019.

It said the third quarter VAT represents 29. 8 per cent increase quarter-on-quarter and 54.37 per cent increase year-on- year.

“Other manufacturing generated the highest amount of VAT with N 47.07 bn generated, ”the bureau said in its report.

This, it said, was closely followed by professional services, which generated N 44.01 bn.

It said commercial and trading generated N 21.18 bn, while mining generated the least.


Mining was closely followed by textile and garment industry and pharmaceutical, soaps and toiletries with N 64.50 m, N 346.27 m and N 386.16 m respectively.

The bureau stated that out of the total amount generated in Q3 2020, N 214.66 bn was generated as non-import VAT locally.

It said N 115.34 bn was generated as non-import VAT for foreign.

The NBS report stated that the balance of N 94.70 bn was generated as Nigerian Customs Service - Import VAT.

https://punchng.com/nigeria-generated-n424-71bn-vat-in-q3-nbs/

Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by Ubykcee(m): 5:52am On Nov 03, 2020
Yes they get this from us. Yet we can't get what we ought to get from the government after paying this VAT.

;Dno good roads
kissno payment of salaries
kiss Strike is 7 month old
kiss no light
kissno employment

God help Nigeria

22 Likes 1 Share

Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by OrdinaryNigeria(m): 5:53am On Nov 03, 2020
Where the money

3 Likes

Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by mainkendo: 5:53am On Nov 03, 2020
cheesy
Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by Sektor101(m): 5:53am On Nov 03, 2020
And they still can't pay workers salaries and wages....

7 Likes 1 Share

Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by Seerade029: 5:54am On Nov 03, 2020
Well, I'm not surprised.
Nigeria reserves also increased with about $16b or so
Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by semyman: 5:54am On Nov 03, 2020
Great
Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by Aflix(m): 5:54am On Nov 03, 2020
I'm tired of hearing their billions without seeing changes.

4 Likes

Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by StRichard(m): 5:54am On Nov 03, 2020
In other words, Nigeria stole #44B from her citizens.

20 Likes

Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by Zetty177x: 5:54am On Nov 03, 2020
Audio statistics....if all these figures are true, why is the government always complaining? Ask them for the whereabouts of that money, they will show u file. Trust me, that cash is not in any bank

2 Likes 2 Shares

Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by Nobody: 5:55am On Nov 03, 2020
If Nigeria was a ball; I'd kick the mothafucka!
Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by vickertony(m): 5:55am On Nov 03, 2020
Keeps generating billions, but nothing to show for it lipsrsealed

2 Likes

Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by IamWonderful: 5:55am On Nov 03, 2020
ok
Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by EmekaBlue(m): 5:56am On Nov 03, 2020
Idiots

We are the ones sponsoring the govt. They have nothing to offer

7 Likes

Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by obami007(m): 5:57am On Nov 03, 2020
Okay

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Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by GIANTPLUSHUB: 5:57am On Nov 03, 2020
OK naaw
Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by TecM0: 5:59am On Nov 03, 2020
undecided



200 million citizens generating $1 billion USD a quarter, $3 billion a year,. Jeff Bezos and Amazon made More , Bill Gates and Melinda Gates foundation donated more to Charity during this quarter


50 million South Africans have VAT revenue projection of $25 billion USD


No point sugar coating it, Nigeria is poor, and we need to open up to the idea of diversification, crude oil mono economy keeps making us poorer without knowing


.

12 Likes 3 Shares

Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by KingAzari: 5:59am On Nov 03, 2020
E pain me say 80% of this would end up in private pockets... cry cry cry cry

2 Likes

Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by vicholas(m): 5:59am On Nov 03, 2020
It is well with Nigeria
Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by Okuda(m): 6:01am On Nov 03, 2020
TecM0:
200 million citizens generating 1
$1 billion USD,

This na 4 months money ooo.
Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by slawormiir: 6:01am On Nov 03, 2020
Damnnnnn niggarrr
Isoright
Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by Ubykcee(m): 6:02am On Nov 03, 2020
sad
EmekaBlue:
Idiots

We are the ones sponsoring the govt. They have nothing to offer

1 Like

Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by Jmk9292(m): 6:03am On Nov 03, 2020
And yet nothing to show for it.
Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by Godchosen001: 6:04am On Nov 03, 2020
Stop showing us figures, show us what you're doing with our money, awon ITT
Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by coldsummer: 6:06am On Nov 03, 2020
A country with people living in abject poverty yet you tax them so heavily but can't provide basic amenities to them.

Meanwhile, the bulk of this taxes are paid by the middle-class and lower class. The rich and upper class are characterised by tax evasion without consequences

Airheads at the helm of affairs. The annoying thing is that Nigerians think it's God that will solve their problems
Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by bencr7: 6:06am On Nov 03, 2020
Abeg make I hear word, money they will not used to do better things,
Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by toxxnoni(m): 6:07am On Nov 03, 2020
Ok

Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by Sedonxavi: 6:07am On Nov 03, 2020
And the VAT will be allocated to NASS and executive while the masses continue suffering

1 Like

Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by Chiedu4Trump: 6:08am On Nov 03, 2020
Generated in the South spent in the North

Just like the Gold belongs to Zamfara while the Oil belongs to Nigeria

They are all jokers

1 Like

Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by yinkus6750(m): 6:09am On Nov 03, 2020
The increase from 5-7.5% contributed to the increase.
Imagine what was.afe in a Covid year. Let the money be used for meaningful development
Re: NBS: Nigeria Generated ₦424.71 Billion VAT In Q3 by TecM0: 6:10am On Nov 03, 2020
Okuda:


This na 4 months money ooo.

After a year we make $3 billion USD for VAT... This one show say people's purchasing power in Nigeria is low, money no dey circulation, atleast Na who buy anything go pay VAT

1 Like

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