The Federal Government’s revenue from Value Added Tax (VAT) has seen a significant increase, reaching a total of ₦1.56 trillion in the second quarter of 2024.
This represents a 9.11% rise from the ₦1.43 trillion recorded in the first quarter of 2024, according to the latest report from the National Bureau of Statistics (NBS) on VAT revenue collection.
The breakdown of the Q2 2024 VAT revenue shows that local payments accounted for N792.58 billion, while foreign VAT payments contributed N395.74 billion. Additionally, import VAT generated N372.95 billion during the same period.
“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%,” NBS reported.
“On the other hand, activities of households 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 organisations 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.”
