The National Bureau of Statistics (NBS) on Monday said Value Added Tax (VAT) collection rose by 9.11% to hit N1.56 trillion in the second quarter (Q2 2024).
This was contained in its Value Added Tax (VAT) Q2 2024 report.
It added that on quarter to quarter basis, the collection in the previous quarter (Q1 2024) was N1.43 trillion.
The report said, “On the aggregate, Value Added Tax (VAT) for Q2 2024 was reported at N1.56 trillion, show ing a growth rate of 9.11% on a quarter-on-quarter basis from N1.43 trillion in Q1 2024.”
NBS said local payments recorded were N792.58 billion, Foreign VAT Payments were N395.74 billion, while import VAT contributed N372.95 billion in Q2 2024.
The Bureau said 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%.
On the other hand, NBS said 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%, 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%.
The report added that 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 organizations and bodies with 0.01%; and Water supply, sewerage, waste management and remediation activities with and Real Estate Services 0.04% each.
NBS said however, on a year-on-year basis, VAT collections in Q2 2024 increased by 99.82% from Q2 2023.
