Nigeria’s VAT Revenue Increases In 2019 Second Quarter

 

The Nigerian Government has generated the sum of N311.94 billion from Value Added Tax (VAT) in the second quarter of 2019.

The National Bureau of Statistics (NBS) disclosed this in a report titled ‘Sectoral Distribution Of Value Added Tax (Q2 2019)’ published on Tuesday.

In the report, the figure generated in the Q2 is higher than the N289.04 billion generated in the first quarter of the year in review.

It revealed that other manufacturing generated the highest amount of VAT with a sum of N34.43billion.

READ ALSO: Beware Of Fraudulent Loan Offers, CBN Warns Nigerians

According to the NBS, this is closely followed by Professional Services which generated N29.58bn, while Commercial and Trading generated N16.27bn and Mining generated the least with a figure of N50.60millon.

The agency explained that the data used in preparing the report were provided by the Federal Inland Revenue Service (FIRS) and verified and validated by the NBS.

The Executive Summary of the report read:

Sectoral distribution of Value Added Tax (VAT) data for Q2 2019 reflected that the sum of N311.94bn was generated as VAT in Q2 2019 as against N289.04bn generated in Q1 2019 and N269.79bn generated in Q2 2018 representing 7.92% increase QoQ and 16.95% increase YoY.

Other manufacturing generated the highest amount of VAT with N34.43bn generated and closely followed by Professional Services generating N29.58bn, Commercial and Trading generating N16.27bn while Mining generated the least and closely followed by Pharmaceutical, Soaps & Toiletries and Textile and Garment Industry with N50.60mln, N250.09mln and N316.91mln generated respectively.

Out of the total amount generated in Q2 2019, N151.56bn was generated as Non-Import VAT locally while N94.90bn was generated as Non-Import VAT for foreign. The balance of N65.48bn was generated as NCS-Import VAT.

Also, see the table below:

 Q1 2019 Q2 2019 * Quarter on Quarter % Year on  Year %
 Classification Value Added Tax Value Added Tax Q1 2019 / Q2 2019 Q2 2019 / Q2 2018
 Agricultural and Plantations                                     627,309,855.38                                     738,117,007.17                                     17.66                                   (5.54)
 Automobiles and Assemblies                                     421,443,588.76                                     481,438,702.64                                     14.24                                   (1.50)
 Banks & Financial Institutions                                  4,195,911,497.61                                  4,060,359,569.91                                     (3.23)                                (14.47)
 Breweries.Bottling and Beverages                                10,835,290,704.46                                11,272,962,075.34                                       4.04                                  19.49
 Building and Construction                                  2,744,836,873.65                                  2,400,570,624.59                                   (12.54)                                (10.14)
 Chemicals, Paints and Allied Industries                                     522,706,937.42                                     543,426,279.34                                       3.96                                  71.35
 Commercial and Trading                                14,924,509,446.19                                16,269,201,434.21                                       9.01                                     1.00
 Conglomerates                                  1,512,442,362.40                                  1,047,208,422.52                                   (30.76)                                   (7.99)
 Federal Ministries & Parastatals                                  7,937,268,043.87                                  8,109,935,510.66                                       2.18                                  46.15
 Gas                                  1,529,466,433.36                                  1,074,711,768.56                                   (29.73)                                (15.33)
 Hotels and Catering                                  1,615,988,078.22                                  2,124,908,064.49                                     31.49                                  31.38
 Local Government Councils                                     507,277,849.92                                     495,197,499.61                                     (2.38)                                  36.79
 Minning                                       59,884,887.89                                       50,598,095.44                                   (15.51)                                     5.74
 Not Available                                  4,016,993,631.69                                  3,768,879,140.15                                     (6.18)                                   (1.89)
 Offshore Operations                                     529,173,488.54                                     657,941,208.43                                     24.33                                  20.22
 Oil Marketing                                  2,340,806,300.43                                  1,996,390,157.13                                   (14.71)                                  15.43
 Oil Producing                                  8,490,827,446.86                                  7,811,745,534.66                                     (8.00)                                   (0.33)
 Other Manufacturig                                31,423,299,458.75                                34,429,042,995.83                                       9.57                                     6.07
 Petro-Chemical and Petroleum Refineries                                     956,166,806.78                                  1,198,575,081.52                                     25.35                                (15.91)
 Pharmaceutical,Soaps and Toileteries                                     201,580,318.33                                     250,092,740.05                                     24.07                                  63.03
 Pioneering                                  3,522,672,251.92                                  2,361,324,014.43                                   (32.97)                                  16.69
 Professional Services                                24,315,013,565.66                                29,583,674,334.79                                     21.67                                  47.79
 Properties and Investments                                     940,729,119.25                                  1,058,623,649.02                                     12.53                                   (1.55)
 Publishing,Printing, Paper Packaging                                     365,182,010.80                                     449,848,248.54                                     23.18                                (14.80)
 State Ministries & Parastatals                                  8,050,491,035.62                                10,445,379,901.29                                     29.75                                  11.90
 Stevedoring, Clearing and Forwarding                                  1,743,878,248.89                                  1,132,417,313.43                                   (35.06)                                (16.71)
 Textile and Garment industry                                     298,137,975.21                                     316,908,615.69                                       6.30                                   (8.44)
 Transport and Haulage Services                                  2,434,185,088.46                                  7,432,803,909.43                                  205.35                                278.15
 Sub-Total (Non-Import VAT) Local                              137,063,473,306.32                              151,562,281,898.87                                        10.58                                     17.33
 Non-Import (foreign) VAT                                98,967,007,748.51                                94,904,294,115.91–                                        4.11                                     16.92
 NCS-Import VAT                                53,007,856,392.82                                65,476,489,855.17                                        23.52                                     16.12
 Grand Total                     289,038,337,447.65                     311,943,065,869.95                                          7.92                                     16.95

Prices Of Tomatoes, Yam, Rice Decrease In June – NBS Report

Tomato disease, Kaduna, tomato blight, tomato farms
File photo.

 

 

The average price of major food items such as tomatoes, yam, and rice reduced in the month of June.

This is according to the ‘Selected Food Price Watch (June 2019)’ report published by the National Bureau of Statistics (NBS).

The report revealed that the average price of one kilogramme of tomatoes reduced from N317.67 recorded in June 2018 to N226.07 in June 2019, representing a 28.84 per cent decrease.

It added that the price of one kilogramme of tomatoes reduced from N249.52 recorded in May 2019 to N226.07 in June, also representing a 9.40 per cent reduction.

READ ALSO: NASS Delegation Visits Fasoranti Over Olakunrin’s Killing

NBS also disclosed in the report that the average cost of one kilogramme of rice (imported high quality sold loose) decreased from N373.47 in June 2018 to N352.82 in June 2019.

The price of one kilogramme of rice, according to it, reduced from N361.39 recorded in May 2019 to N352.82 in June 2019, representing a 2.37 per cent decrease.

The bureau explained that fieldwork was done solely by more than 700 NBS staff in all states across the country,

It added that the fieldwork was supported by supervisors who were monitored by internal and external observers.

NBS noted that the prices were collected across all the 774 local government areas, as well as the Federal Capital Territory (FCT) from over 10,000 respondents and locations, stressing that they reflect actual prices households said they actually bought the items.

It said the average of all the prices was reported for each state, adding that the average for the country was the average for the state.

The report read, “Selected food price watch data for June 2019 reflected that the average price of 1 dozen of Agric eggs medium size decreased year-on-year by -8.23% and increased month-on-month by 6.55% to N495.32 in June 2019 from N464.87 in May 2019, while the average price of piece of Agric eggs medium size (price of one) decreased year-on-year by -5.01% and month-on-month by -8.20% to N39.30 in June 2019 from N42.82 in May 2019.

“The average price of 1kg of tomato decreased year-on-year by -28.84% and month-on-month by -9.40% to N226.07 in June 2019 from N249.52 in May 2019.

“The average price of 1kg of rice (imported high quality sold loose) decreased year-on-year by -5.53% and month-on-month by -2.37% to N352.82 in June 2019 from N361.39 in May 2019.

“Similarly, the average price of 1kg of yam tuber decreased year-on-year by -36.27% and month-on-month by -15.68% to N182.15 in June 2019 from N216.03 in May 2019.”

Nigeria’s Inflation Rate Drops To 11.22 Percent In June

NBS, Bureau Of Statistics, Inflation Rate

 

 

Nigeria’s inflation eased sharply lower in June to 11.22 percent year on year, a 0.18 percent points decrease than 11.40 percent posted in May.

Latest data released by the National Bureau of Statistics (NBS) on Tuesday showed that the headline index fell to 1.07 percent on a month-on-month basis, indicating a decline of 0.04 percent points from the rate recorded in May.

“The consumer price index, (CPI) which measures inflation increased by 11.22 percent (year-on-year) in June 2019. This is 0.18 percent points lower than the rate recorded in May 2019 (11.40) percent.

“On a month-on-month basis, the Headline index increased by 1.07 percent in June 2019, this is 0.04 percent rate lower than the rate recorded in May 2019 (1.11) percent.”

READ ALSO: Tribunal Admits 48 Videos Presented By Atiku, PDP

The urban inflation rate fell to 11.61 percent year-on-year in the month under review, while the rural inflation rate eased to 10.87 percent from 11.08 percent.

“The urban inflation rate increased by 11.61percent (year-on-year) in June 2019 from 11.76 percent recorded in May 2019, while the rural inflation rate increased by 10.87 percent in June 2019 from 11.08 percent in May 2019.

“On a month-on-month basis, the urban index rose by 1.10 percent in June 2019, up by 0.05 from 1.15 percent recorded in May 2019, while the rural index also rose by 1.05 percent in June 2019, up by 0.02 from the rate recorded in May 2019 (1.07) percent.”

The composite food index stood at 13.56 percent in June, compared to the previous months 13.79 percent as increases were recorded in prices of bread and cereals, meat, fish, vegetables and fruits among others.

“The composite food index stood at 13.56 percent in June 2019 compared to 13.79 percent in May 2019.”

This rise, according to the report, was caused by increases in prices of Bread and cereals, Meat, Oils and fats, Potatoes, yam and other tubers, Fish, Vegetables and fruits.

“On a month-on-month basis, the food sub-index increased by 1.36 percent in June 2019, down by 0.05 percent points from 1.41 percent recorded in May 2019.

“The average annual rate of change of the Food sub-index for the twelve-month period ending June 2019 over the previous twelve-month average was 13.42 percent, 0.05 percent points higher from the average annual rate of change recorded in May 2019 (13.37) percent.”

Lagos Adds 740,146 Jobs In 12 Months

Lagos Adds 740,146 Jobs In 12 Months

 

A total of 740, 146 jobs were added in Lagos State between July 2017 and June 2018, the National Bureau of Statistics (NBS) has revealed.

The agency made the disclosure in a report released recently after a survey it conducted, noting that the number of job creation recorded in Lagos was the highest in the country.

According to the report, only nine states were able to reduce unemployment and underemployment rates between the third quarter of 2017 and the corresponding quarter in 2018.

READ ALSOPolice Arrest Four With Freezer Loaded With Indian Hemp In Ogun

They include Akwa Ibom, Enugu, Imo, Kaduna, Kogi, Lagos, Nasarawa, Ondo and Rivers, while six states also recorded the highest gains in net full-time employment between Q3 2017 and Q2 2018.

The states are Lagos which added a total of 740,146 net full-time jobs, Rivers (235,438), Imo (197,147), Ondo (142,514), Enugu (122,333), and Kaduna (118,929).

According to the NBS, people often move from state to state seeking job opportunities.

It said this could create a false impression of the status of states at a particular time by reducing the unemployment figures in some states and increasing it in other states.

The report read, “States with a higher propensity for women to be housewives or stay home husbands or that have negative attitudes to working tend to have lower unemployment rates, as they are not considered part of the labour force in the first place.

“These states tend to have a higher proportion of their economically active population outside the labour force, thereby reducing the number looking for work and hence the number that can be unemployed.”

Out of the five states with the highest unemployed population, Lagos also recorded the lowest rate of 14.6% during the period under reference.

Senate Confirms New Ambassadorial Nominees, NBS Board Members

Senate Confirms Ambassadorial Nominees, NBS Board Members
The Senate President, Dr Bukola Saraki, holds a gavel during plenary in Abuja on April 11, 2019.

 

The Senate has confirmed the nomination of three persons as Career Ambassadors-Designate.

The lawmakers also approved the appointment of the Chairman and members of the Board of National Bureau of Statistics (NBS) during plenary on Thursday.

This followed the presentation of the report of the Committee on Foreign Affairs on the nomination of the career ambassadors-designate by Senator Monsurat Sunmonu from Oyo State.

READ ALSOBuhari Orders Security Agencies To Deal Ruthlessly With Bandits, Others

Those whose nominations were confirmed are Mr Christopher Chejina, Mr Bukar Kolo, and Mr M Mabdul.

In his remarks, the Senate President, Dr Bukola Saraki, congratulated the new career ambassadors-designate.

He also wished them a successful tenure in their service to the nation.

Thereafter, Senator Yele Omogunwa from Ondo State laid the report of the Committee on National Planning and Economic Affairs on the nomination of the NBS board chairman and members.

After considering the report, the lawmakers confirmed Dr Kabiru Nakaura as the board chairman of the agency.

They also approved the appointment of five others as members of the board.

Those confirmed include Mr Akinola Bashir, Professor Moses Momoh, Wallijoh Ahijoh, Adam Modu, and Nwafor Chukwudi.

The Senate President also congratulated them and wished them a successful tenure.

Nigeria’s Economy Grew By 1.9 Per Cent In 2018 – NBS

Nigeria's GDP Falls 2.24% In 3rd Quarter of 2016

 

 

Nigeria’s economy grew by 1.9 per cent in 2018, the National Bureau of Statistics (NBS) said on Tuesday, just days from an election in which the pace of growth is a campaign issue.

The NBS said Gross Domestic Product (GDP) also rose by 2.38 per cent in the fourth quarter of 2018 compared to the same quarter in 2017. Growth accelerated from the 1.81 per cent expansion in the third quarter.

READ ALSONigeria’s GDP Grows 2.38 Per Cent In Fourth Quarter Of 2018

The government had targeted two per cent growth for last year to boost the fragile economy, which only emerged in 2017 from its first recession in over two decades, triggered by low crude prices and militant attacks on energy facilities.

Oil sales make up two-thirds of government revenue.

According to Bloomberg, the figures could help President Muhammadu Buhari to convince voters that the economy is finally recovering more forcefully from the 2016 recession.

But economist Mark Bohlund said: “Buhari’s four-year term has still seen the weakest growth in the living memory of a large share of the electorate.”

That could favour his main challenger, Atiku Abubakar, he added.

Buhari’s administration is targeting three per cent growth in 2019, which is still only just above the 2.6 per cent expansion rate of Nigeria’s population.

President Buhari came to power in 2015 on a pledge to turn the economy around.

He is facing a stiff challenge from former Vice President Atiku Abubakar.

Nigeria’s Unemployment Rate Rises To 20.9 Million

 

The latest figures released by the National Bureau of Statistics(NBS) on Wednesday shows that the unemployment rate is up from 18.8% in q3 2017 to 23.1% in q3 2018.

The report also shows that the total number of people in employment increased from 68.09mn (q3 2017) to top 69.54mn (q3, 2018).

According to the report, the working-age population (people between 15 – 64 years) increased from 111.1 million to 115.5 million.

It read in part, “The total number of people in employment increased from 68.4 million in Q3 2015 to 68.72 million in Q3 2016, to 69.09 million in Q3 2017 and 69.54 million in Q3 2018.

“The total number of people in full-time employment (at least 40 hours a week) increased from 51.1 million in Q3 2017 to 51.3 million in Q3, 2018.”

Nigeria’s Inflation Rate Rises Again – NBS

Nigeria’s inflation rate has again risen for the second time in a row.

Data from the National Bureau of Statistic (NBS)on Tuesday showed a slim margin of 0.05 per cent to 11.28 per cent in September, compared to 11.23 per cent recorded in August.

According to the NBS, the composite food index rose to 13.31 per cent year-on-year in September, driven by an increase in the price of poultry product, vegetables and other important food items.

Similarly, the country’s urban inflation rate increased to 11.70 per cent year-on-year, while the rural inflation rate increased to 10.92 per cent last month.

On a month-on-month basis, the headline index dropped by 0.21 per cent to 0.84 per cent in September, the food sub-index fell by 0.42 per cent points to 1.00 per cent, while the urban index and rural index both fell by 0.14 to 1 per cent and 0.82 per cent each.

This rise in the food index was caused by increases in prices of Potatoes, yams and other tubers, vegetables, fruits, meat, milk, cheese and egg, Bread and cereals, and Fish.

On a month-on-month basis, the food sub-index increased by 1.00 per cent in September 2018, down by 0.42 per cent points from 1.42 per cent recorded in August.

The average annual rate of change of the Food sub-index for the twelve-month period ending September 2018 over the previous twelve-month average was 15.92 per cent, 0.58 per cent points from the average annual rate of change recorded in August (16.50)

Nigeria’s Inflation Drops To 11.14%

Source: NBS

 

 

Nigeria’s inflation fell from  11.23 to 11.14% for the month of July, statistics released by the National Bureau of Statistics (NBS) on Wednesday showed.

According to the NBS, the consumer price index fell by 0.09 per cent to 11.14 per cent last month, from 11.23 per cent recorded in June 2018, making it 18 straight decline years on year.

In July 2018, food inflation on a year-on-year basis was highest in Abuja (15.85%), Bayelsa (15.75%) and Imo (15.46%), while Plateau (9.40%), Bauchi (10.44%) and Kano (10.50%) recorded the slowest rise in food inflation.

On a month-on-month basis, July food inflation was highest in Kwara (4.57%), Kaduna (3.99%) and Imo (3.44%), while Ogun (0.16%) and Osun (0.38%)recorded the slowest rise.

Kogi recorded food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate) in July 2018.

Similarly, the country’s urban inflation eased to 11.66 per cent in July 2018 from 11.68 per cent recorded in June while the rural inflation rate remained flat at 10.83 per cent in July 2018 from 10.83 per cent in June 2018.

Nigeria Attracted $12.2bn Capital Inflow In 2017 – NBS

Nigeria Attracted $12.2bn Capital Inflow In 2017 – NBS

 

The total amount of foreign capital attracted by the Nigerian economy in 2017 stood at $12.2 billion, the National Bureau of Statistics (NBS) has said.

A report released by the agency on Thursday reveals that the new figure is a massive jump over the $5.38 billion recorded in the whole of 2016.

The NBS also put capital inflow in the fourth quarter at $5.32 billion, the strongest in the year under review.

The report revealed that investments in portfolio assets were the highest last year by 59 per cent, while other investments jumped by 32 per cent and investments into the real economy were mere 8 per cent.

In terms of origination, Nigeria saw the bulk of its foreign inflow from the United States, the United Kingdom, and Belgium.

The report read in part: “The total capital imported in the fourth quarter of 2017 was $5,382.9 million; this was an annual growth of 247.5%, and quarterly growth of 29.9%. As at the end of 2017, total capital imported into Nigeria was $12,228.6 million, an increase of $7,104.4 million or 138.7% from the figure recorded in 2016.

“The growth in Capital Importation in 2017 was mainly driven by an increase in Portfolio Investment, which went up by $5,516.2 million from the previous year to reach $7,329.1 million in 2017 and accounting for 60% of capital imported. During the reference quarter total capital imported when compared to the previous quarter increased by $1,237.8 million.”

Inflation Drops To 15.1%, 13th Consecutive Month Since January

NBS

For the 13th consecutive month since January 2017, Nigeria’s Consumer Price Index (CPI) has eased further.

The National Bureau of Statistics (NBS) in its “Customer Price Index January 2018” released on Wednesday, February 14 in Abuja said Nigeria’s CPI dropped to about 15.13 percent in January 2018.

The rate was 15.37 percent in December 2017.

The CPI in January 2018 according to the report, therefore, dropped by 0.24 percent points from the rate recorded in December.

NBS in the report said on a month-on-month basis, the NBS Headline index increased by 0.80 percent in January 2018, or about 0.21 percent points higher from the rate of 0.59 percent recorded in December 2017.

“The Consumer Price Index which measures inflation started the year 2018 increasing by 15.13 per cent year-on-year in January 2018.

“This was 0.24 per cent points lower than the rate recorded in December (15.37 per cent) making it the twelfth consecutive slowdown in the inflation rate though still positive in headline year on year inflation since January 2017.”

The data also shows that the annual food price index and food price pressure continued into December though generally at a slower pace year-on-year.

The Food Index stood at about 18.92 percent (year-on-year) in January 2017, down from the rate recorded in December (19.42 percent).

The implication of this is that Nigerian consumers were paying less for food during the month than they did in the previous month.

On a month-on-month basis, the food sub-index according to the report was about 0.87 percent in January 2018, down by 0.29 percent from 0.58 percent recorded in December.

“In January 2018, food inflation on a year on year basis was highest in Kwara (24.46%), Nasarawa (22.77%) and Bayelsa (22.60%), while Bauchi (13.34%), Anambra (14.63%) and Benue (14.78% recorded the slowest rise in food inflation.

On a month on month basis, however, January 2018 food inflation was highest in Bayelsa (3.47%), Kogi (3.38%) and Nasarawa (2.26%), while Cross River, Kebbi. Yobe, Anambra and Delta all recorded food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate) in January 2018,” the report read in part.

The highest increases were recorded in prices of fuel and lubricants for personal transport and transport equipment, vehicle spare parts, accommodation services, maintenance and repair of personal transport equipment, appliances articles and products for personal care.

Other services include hotels and restaurants, hairdressing salons and personal grooming establishments, clothing materials and other articles of clothing, garments, non-durable household goods and solid fuels.

Urban inflation according to the data also rose by 15.56 percent in January 2018 from 16.78 percent in December 2017, compared with the rural inflation rate, which declined by 14.76 percent in January 2018 from 15.02 percent in December 2017.

 

7.9 million Nigerians Became Unemployed In 21 months – NBS

 A total of 7.956 million Nigerians became unemployed between January 2016 and September 30, 2017, data from the National Bureau of Statistics shows.

This unemployment report survey for the third quarter of 2017 released by the NBS on December 22, 2017 puts the number at 7.956 million more than the 8,036 million in stood in 2015 Q4.

The bureau in the report stated that the number of Nigerians that became unemployed rose from 8,036 million in 2015 fourth quarter to 15.998 million in third quarter of 2017.

READ ALSO: More Nigerians Become Jobless As Unemployment Rate Increases In Q3

The report said further that between the second quarter and third quarter of 2017, the number of economically active or working age population (15 – 64 years of age) increased from 110.3 million to 111.1 million.

“The unemployment rate increased from 14.2 per cent in Q4 2016 to 16.2 per cent in Q2 2017 and 18.8 per cent in Q3 2017. The number of people within the labor force who are unemployed or underemployed increased from 13.6 million and 17.7 million respectively in Q2 2017, to 15.9 million and 18.0 million in Q3 2017.

“Total unemployment and underemployment combined increased from 37.2 per cent in the previous quarter to 40 per  cent in Q3 2017.

“The labor force population increased from 83.9 million in Q2 2017 to 85.1 million in Q3 2017. The total number of people in full-time employment (at least 40 hours a week) declined from 52.7 million in Q2 2017 to 51.1 million in Q3 2017.”

NBS in the report blames the increasing unemployment and underemployment rates on Nigeria’s fragile economy despite the exit from recession. The report explained that domestic labor market is still fragile and economic growths in the past two quarters in 2017 have not been strong enough to provide employment in Nigeria’s domestic labor market.

“An economic recession is consistent with an increase in unemployment as jobs are lost and new jobs creation is stalled.

“A return to economic growth provides an impetus to employment. However, employment growth may lag, and unemployment rates worsen especially at the end of a recession and for many months after,” the report said.

During the third quarter of 2017, according to the report, 21.2 percent of women within the labour force (aged 15-64 and willing, able, and actively seeking work) were unemployed, compared to 16.5 percent of men within the same period.

The report also noted that underemployment was predominant in the rural areas as 26.9 percent of rural residents within the labour force in were underemployed compared to 9 percent of urban residents within the same period.

See table of the report below: