The National Bureau of Statistics (NBS) has reported that Nigeria generated N1.43 trillion as aggregate revenue from value-added tax (VAT) in the first quarter (Q1) of 2024. This was revealed in the VAT Q1 2024 report released by the NBS in Abuja on Tuesday.
The report indicates a significant growth rate of 19.21 percent on a quarter-on-quarter basis, rising from N1.20 trillion recorded in Q4 2023.
According to the NBS, local VAT payments amounted to N663.18 billion, foreign VAT payments contributed N435.73 billion, and import VAT accounted for N332.01 billion between January and March 2024. The report highlights that the accommodation and food service activities sector experienced the highest growth rate at 59.15 percent, followed by administrative and support services activities at 47.79 percent.
Conversely, the activities of extraterritorial organizations and bodies recorded the lowest growth rate at -57.01 percent, followed by human health and social work activities at -27.73 percent.
In terms of sectoral contributions, the report identifies manufacturing as the top contributor with a 26.72 percent share of VAT revenue in Q1 2024, followed by information and communication at 17.42 percent, and mining and quarrying activities at 15.42 percent. At the lower end of the spectrum, the activities of households as employers and undifferentiated goods and services producing activities of households for their own use recorded the smallest share at 0.01 percent. This was followed by the activities of extraterritorial organizations and bodies at 0.03 percent, and water supply, sewerage, waste management, and remediation activities at 0.05 percent.
On a year-on-year basis, VAT collections in Q1 2024 increased by 101.65 percent compared to N709.59 billion collected in Q1 2023.
