Nigeria’s VAT revenue rose by 9.11% to N1.56tn in Q2, 2024- NBS
National Bureau of Statistics NBS
Nigeria’s VAT revenue rose by 9.11% to N1.56tn in Q2, 2024- NBS
Nike Popoola
The Federal Government of Nigeria generated Value Added Tax (VAT) of N1.56tn in the second quarter of 2024.
The National Bureau of Statistics (NBS) disclosed this in its Value Added Tax (VAT) Q2 2024 report obtained by Dailyeconomy.
According to the report, on the aggregate, Value Added Tax (VAT) for Q2 2024 was reported at N1.56 trillion, showing a growth rate of 9.11% on a quarter-on-quarter basis from N1.43 trillion in Q1 2024.
Local payments recorded were N792.58 billion, Foreign VAT Payments were N395.74 billion, while import VAT contributed N372.95 billion in Q2 2024.
On a quarter-on-quarter basis, human health and social work activities recorded the highest growth rate with 98.44%, followed by agriculture, forestry and fishing with 70.26%, and Water supply, sewerage, waste management and remediation activities with 59.75%.
On the other hand, activities of house holds as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with –46.84%, followed by Real estate activities with –42.59%.
In terms of sectoral contributions, the top three largest shares in Q2 2024 were manufacturing with 11.78%; information and communication with 9.02%; and Mining and quarrying with 8.79%.
Nevertheless, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00%, followed by Activities of extraterritorial organizations and bodies with 0.01%; and Water supply, sewerage, waste management and remediation activities with and Real Estate Services 0.04% each.
However, on a year-on-year basis, VAT collections in Q2 2024 increased by 99.82% from Q2 2023.
