Nigeria generated N1.56 trillion as Value-Added Tax (VAT) in the second quarter of 2024 (April-June), the National Bureau of Statistics (NBS) has revealed in it latest report.
The figure shows a growth rate of 9.11 on a quarter-on-quarter basis from N1.43 trillion in the first quarter (Q1) of 2024.
In it report on the sectoral distribution of VAT for second quarter 2024 released yesterday, NBS said that Local payments accounted for N792.58 billion, Foreign VAT Payments amounted to 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 per cent, fol lowed by agriculture, forestry and fishing with 70.26 per cent, and Water supply, sewerage, waste management and remediation activities with 59.75 per cent.
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 per cent, followed by Real estate activities with –42.59 per cent.
“In terms of sectoral contributions, the top three largest shares in Q2 2024 were manufacturing with 11.78 per cent; information and communication – 9.02 per cent; and Mining and quarrying – 8.79 per cent.
“Nevertheless, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00 per cent, followed by Activities of extraterritorial organizations and bodies with 0.01 per cent; and Water supply, sewerage, waste management and remediation activities with and Real Estate Services 0.04 per cent each,2” the NBS said.
However, VAT collections in Q2 2024 increased by 99.82 per cent from Q2 2023.I’m
