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NBS Generates 275 billion in 3rd Quarter of the year

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The Nigeria Bureau of Statistics on Monday at Abuja said that the sum of N275.12 billion was generated as Value Added Tax (VAT) in the third quarter of the year.

According to NBS it explained that N311.94 billion was generated in the second quarter of 2019 which is far less to what was realized in the third quarter.

It also disclosed that In Q3 2019, Nigeria recorded average daily oil production of 2.04 million barrels per day (mbpd), its highest in more than three years. This output was 0.1mbpd higher than the daily average production of 1.94mbpd recorded in the same quarter of 2018, and 0.02mbpd higher than the revised oil production levels in Q2 2019 of 2.02mbpd.

Real growth of the oil sector was 6.49% (year-on-year) in Q3 2019 indicating an increase of 9.40% points relative to rate recorded in the corresponding quarter of 2018. The rate was lower by –0.68% points when compared to Q2 2019 which was 7.17%. Quarter-on-Quarter, the oil sector recorded a growth rate of 18.88% in Q3 2019. The sector contributed 9.77% to total real GDP in Q3 2019, up from figures recorded in the corresponding period of 2018 as well as the preceding quarter, when it accounted for 9.38% and 8.98% respectively.

The non-oil sector grew by 1.85% in real terms during the reference quarter. This is –0.48% points lower when compared to the rate recorded in the same quarter of 2018 but 0.20% points higher than the second quarter of 2019. During the quarter, the sector was driven mainly by the Information and Communication sector. Other drivers were Agriculture, Mining and Quarrying, Transportation and Storage, and Manufacturing. In real terms, the Non-Oil sector contributed 90.23% to the nation’s GDP, slightly lower than the share recorded in the third quarter of 2018 (90.62%), and in the second quarter of 2019 (91.02%)

The bureau disclosed that mining generated the least and closely followed by Textile an Garment industry and Pharmaceutical,, soaps and toiletries with N44.30 million, N253.83million and N291.06million respectively.

The NBS noted that out of the total amount generated in the third quarter 2019, N150.74 billion was generated as Non-import VAT locally while N63billion was realized as Non-import for foreign.

It added that the balance of N61.37 billion was gotten as Nigeria Customs Service NCS

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