The Federal Government’s revenue from Value Added Tax shot up to a total of ₦1.56tn in the second quarter of 2024.
According to the National Bureau of Statistics report on VAT revenue collection, the increase represented a 9.11 per cent increase from the ₦1.43tn in Q1 2024.
Local payments recorded were ₦792.58bn, foreign VAT payments were ₦395.74bn, while import VAT contributed ₦372.95bn 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.”
