The Nigeria Bureau of Statistics, NBS, says the Federal Government’s aggregate receipt of the Value Added Tax ( VAT) Q2 2024 stood at N1.56 trillion, indicating a growth rate of 9.11% on a quarter-on-quarter basis from N1.43 trillion in Q1 2024.
According to VAT revenue report from the National Bureau of Statistics NBS., Manufacturing, Information and Communication ranked top in VAT contribution recording 11.78%; information and communication with 9.02% and Mining and quarrying with 8.79% respectively.
Of the amount, local payments recorded were N792.58 billion, Foreign VAT Payments 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%.
The report explained that 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%.
The NBS noted that 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.
On a year-on-year basis, the NBS said VAT collections in Q2 2024 increased by 99.82% from Q2 2023.
