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.

VAT Collections in the quarter  indicates a 29.8% increase as against N327.2 billion recorded in the previous quarter and 54.37% increase compared to N275.12 billion generated in the corresponding quarter of 2019.

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

The N424.7 billion generated in Q3 2020, brings the total VAT collections year-to-date to N1.08 trillion, which is 22.87% higher than N876.1 billion generated as at the same period in 2019.