Tax
VAT revenue hits N1.78trn in Q3 2024 in Nigeria
The Nigerian government raked in the sum of N1.78 trillion from Value Added Tax (VAT) in the third quarter of 2024, according to the National Bureau of Statistics (NBS).
In its latest VAT report, the NBS disclosed that the figure represents a 14.16 percent quarter-on-quarter increase compared to the N1.56 trillion collected in Q2 2024 and an 88 percent year-on-year growth from Q3 2023.
The N1.78 trillion VAT revenue was driven by Local VAT Payments which was N922.87 billion, Foreign VAT Payments which was N448.85 billion and Import VAT which was N410.62 billion.
The Human health and social work activities recorded the highest growth rate of 250.39% quarter-on-quarter, followed by activities of households as employers and undifferentiated goods and services-producing activities for household use, which grew by 102.09 percent.
Conversely, some sectors recorded significant declines. These include water supply, sewerage, waste management, and remediation activities, which fell by 41.92 percent, the sharpest decline among sectors.
Activities of extraterritorial organizations and bodies also dropped by 36.14 percent.
In terms of contributions to the overall VAT pool, the top-performing sectors in Q3 2024 were Manufacturing with 22.21 percent, Information and Communication with 20.89 percent and Mining and Quarrying Activities with 18.90 percent.
At the lower end of the spectrum were activities of households as employers and undifferentiated household activities, contributing 0.01 percent.
Activities of extraterritorial organizations and bodies, also contributed 0.01 percent while water supply, sewerage, waste management, and remediation activities, contributed 0.03 percent.