VAT hits N1.43tr in Q1 2024

GodGift Ifunanya
2 Min Read

The National Bureau of Statistics (NBS) said in the First Quarter of 2024 (Q1 2024), Value Added Tax increased  to N1.43 trillion from the N1.2 trillion recorded in the Third Quarter of 2023 Q4 2023.

This was contained in its document titled: ” Value Added Tax (VAT) Q1 2024.”

The document said: “On the aggregate, Value Added Tax (VAT) for Q1 2024 was reported at N1.43 trillion, showing a growth rate of 19.21% on a quarter-on-quarter basis from N1.20 trillion in Q4 2023.”

The report said local payments recorded were N663.18 billion, Foreign VAT Payments were N435.73 billion, while import VAT contributed N332.01 billion in Q1 2024.

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NBS said on a quarter-on-quarter basis, accommodation and food service activities recorded the highest growth rate with 59.15%, followed by the activities of administrative and support with 47.79%. On the other hand, it said activities of extraterritorial organizations and bodies had the lowest growth rate with –57.01%, followed by Human health and social work activities with –27.73%.In terms of sectoral  contributions, the report said the top three largest shares in Q1 2024 were manufacturing with 26.72%; Information and Communication with 17.42%; and Mining & Quarrying activities with 15.42%.

NBS said  nevertheless, activities of households as employers, undifferentiated goods- and services producing activities of households for own use recorded the least share with 0.01%, followed by activities of extraterritorial organizations and bodies with 0.03% and water supply, sewerage, waste management, and remediation activities with 0.05%.

The report said however, on a year on-year basis, VAT collections in Q1 2024 increased by 101.65% from Q1 2023.

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