The Federal Government’s revenue from Value Added Tax (VAT) surged to ₦1.56 trillion in the second quarter of 2024, marking a 9.11% increase from the ₦1.43 trillion recorded in Q1 2024.
This is according to the latest report from the National Bureau of Statistics (NBS) on VAT revenue collection.
The breakdown of VAT receipts shows that local payments contributed ₦792.58 billion, foreign VAT payments amounted to ₦395.74 billion, while VAT from imports reached ₦372.95 billion in Q2 2024.
NBS highlighted significant growth across various sectors:
“On a quarter-on-quarter basis, human health and social work activities recorded the highest growth rate at 98.44%, followed by agriculture, forestry, and fishing at 70.26%, and water supply, sewerage, waste management, and remediation activities with 59.75%.”
Conversely, sectors with the lowest growth included activities of households as employers at 46.84%, and real estate activities, which grew by 42.59%.
Top sectoral contributors for Q2 2024 were:
- Manufacturing: 11.78%
- Information and Communication: 9.02%
- Mining and Quarrying: 8.79%
In contrast, the lowest contributions came from:
- Activities of households as employers: 0.00%
- Activities of extraterritorial organizations and bodies: 0.01%
- Water supply, sewerage, waste management, and remediation activities and Real estate services: 0.04% each.
On a year-on-year basis, VAT collections in Q2 2024 saw a significant rise of 99.82% compared to Q2 2023.
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