Q1 2018 VAT Hits N269.79bn
Sectoral distribution of Value Added Tax (VAT) data for Q1 2018 reflected that the sum of N269.79bn was generated as VAT in Q1 2018.
The latest report from the National Bureau of Statistics and made available to Economic Confidential indicates that the amount generated is higher compared to N254.10bn generated in Q4 2017 and N221.38bn in Q1 2017 representing 6.17% Increase Quarter-on-Quarter and 21.87% increase Year-on-Year.
In the report, manufacturing sector generated the highest amount of VAT with N30.14bn generated and closely followed by Professional Services and Commercial and Trading both generating N16.58bn and N14.93bn respectively.
The Mining sector generated the least and closely followed by Pharmaceutical, Soaps & Toiletries and Textile and Garment industry with N46.25m, N243.44m and N285.43m generated respectively.
Out of the total amounted generated in Q1 2018, N121.40bn was generated as Non-Import VAT locally while N98.40bn was generated as Non-Import VAT for foreign. The balance of N50.00bn was generated as NCS-Import VAT.
Meanwhile, NBS current data just released on transport fare watch indicates that the average fare paid by commuters for bus journey within the city increased by 3.88% month-on-month and 29.03% year-on-year to N165.94 in April 2018 from N160.99 in March 2018. States with highest bus journey fare within city were Abuja FCT (N325.00), Cross River (N280.00) and Abia (N240.00) while States with lowest bus journey fare within city were Bauchi (N90.00), Anambra (N91.10) and Rivers (N100.20).
The Transport fare watch report for April 2018 covers the following categories namely bus journey within the city per drop constant route ; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger
Average fare paid by commuters for bus journey intercity increased by 3.40% month-on-month and 13.91% year-on-year to N1,722.86 in April 2018 from N1,668.56 in March 2018. States with highest bus journey fare intercity were Abuja FCT (N4,000.00), Adamawa (N3,200.00) and Sokoto (N2,700.22) while States with lowest bus journey fare within city were Bauchi (N925.00), Enugu (N1000.01) and Yobe (N1050.21).
Average fare paid by air passengers for specified routes single journey increased by 1.87% month-on-month and 4.30% year-on-year to N31833.46 in April 2018 from N31,282.91 in March 2018. States with highest air fare were Abuja FCT (N42,333.33), Lagos (N41,000.00) and Edo (N39,500.00) while States with lowest
air fare were Katsina (N24,500.00), Osun (N24,500.15), and Oyo (N25,000.00).
Average fare paid by commuters for journey by motorcycle per drop increased by 5.70% month-on-month and 8.53% year-on-year to N106.25 in April 2018 from to N100.96 in March 2018. States with highest journey fare by motorcycle per drop were Rivers (N200.24), Ondo (N195.52) and Enugu (N170.15) while states with lowest journey fare by motorcycle per drop were Katsina (N55.85), Jigawa (N60.13) and Niger(N60.13).
Average fare paid by passengers for water way passenger transport increased by 3.56% month-on-month and decreased by 1.80% year-on-year to N572.15 in April 2018 from N552.09 in March 2018. States with highest fare by water way passenger transport were Rivers (N2,050.12), Bayelsa (N1,950.00) and Delta
(N1,500.00) while states with lowest fare by water way passenger transport were Borno (N140.00), Gombe (N180.23) and Abuja FCT (N243.48)