Federal Government Sees VAT Revenue Rise In Q2 2024

Federal Government Sees VAT Revenue Rise In Q2 2024....KINDLY READ THE FULL STORY HERE▶

The Federal Government’s Value Added Tax (VAT) revenue reached ₦1.56 trillion in the second quarter of 2024, according to Naija News. This figure represents a 9.11% increase from the ₦1.43 trillion recorded in the first quarter of 2024, as reported by the National Bureau of Statistics (NBS)…….CONTINUE READING 

In detail, local VAT contributions totaled ₦792.58 billion, foreign VAT payments amounted to ₦395.74 billion, and import VAT accounted for ₦372.95 billion during the second quarter.

The NBS report highlights significant growth rates in various sectors on a quarter-on-quarter basis. The human health and social work sectors saw the highest growth at 98.44%, followed by agriculture, forestry, and fishing at 70.26%, and water supply, sewerage, waste management, and remediation activities at 59.75%. Conversely, the lowest growth rates were observed in household activities (46.84%) and real estate services (42.59%).

Sectoral contributions in Q2 2024 were led by manufacturing with 11.78%, information and communication with 9.02%, and mining and quarrying with 8.79%. In contrast, household activities and extraterritorial organizations had minimal shares, with household activities at 0.00% and extraterritorial organizations at 0.01%. Water supply, sewerage, and waste management, along with real estate services, each had a 0.04% share.

On a year-on-year basis, VAT collections in Q2 2024 surged by 99.82% compared to Q2 2023.

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