The National Bureau of Statistics (NBS) has reported that the Value Added Tax (VAT) for Q2 2024 was N1.56 trillion, marking a 9.11% increase from N1.43 trillion in Q1 2024.
According to the NBS, local payments amounted to N792.58 billion, foreign VAT payments were N395.74 billion, and import VAT contributed N372.95 billion in Q2 2024. On a quarter-on-quarter basis, the sector with the highest growth rate was Human Health and Social Work Activities 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 Activities of Households as Employers and Undifferentiated Goods- and Services-Producing Activities of Households for Own Use had the lowest growth rate at –46.84%, followed by Real Estate Activities at –42.59%. In terms of sectoral contributions, the top three sectors in Q2 2024 were Manufacturing with 11.78%, Information and Communication with 9.02%, and Mining and Quarrying with 8.79%.
However, Activities of Households as Employers and Undifferentiated Goods- and Services-Producing Activities of Households for Own Use recorded the smallest share at 0.00%, followed by Activities of Extraterritorial Organizations and Bodies at 0.01%, and both Water Supply, Sewerage, Waste Management and Remediation Activities, and Real Estate Services at 0.04% each. Year-on-year, VAT collections in Q2 2024 increased by 99.82% from Q2 2023.
