N246.30 billion was generated as Value Added Tax (VAT) in the second quarter of the year.
The National Bureau of Statistics (NBS) made this known in its “Sectoral Distribution of Value Added Tax’’ for the Second Quarter.
The figure was released on Friday in Abuja.
The NBS stated that the value generated in the quarter 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.
According to it, the value represented a 20.28 per cent increase quarter-on-quarter and 31.69 per cent increase year-on-year.
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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 added that 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.
Out of the total amount generated in the second quarter, the NBS said, N137.79 billion was realised as Non-Import VAT locally, while N59.83 billion was generated as Non-Import VAT for foreign.
It stated too that the balance of N48.68 billion was generated as Nigeria Customs Service Import VAT.
