September 9, 2024

The Federal Government’s revenue from Value Added Tax rose to N1.56tn in the second quarter of 2024, showing a growth rate of 9.11% on a quarter-on-quarter basis from N1.43 trillion in Q1 2024., according to the National Bureau of Statistics.

In the NBS latest report on Monday, local payments recorded were N792.58bn, foreign VAT payments were N395.74bn, while import VAT contributed N372.95bn 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%,” 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.”