Federal Government’s aggregate receipt of Value Added Tax ( VAT) in Q2 2024 stood at N1.56 trillion, with a growth rate of 9.11% on a quarter-on-quarter basis from N1.43 trillion in Q1 2024.
Gatekeepers News reports that the statistics are based on a VAT revenue report from National Bureau of Statistics (NBS).
Manufacturing, Information, and Communication ranked top in VAT contribution recording 11.78%; information and communication with 9.02% and Mining and quarrying with 8.79% respectively.
Out of the recorded amount, local payments recorded were N792.58 billion, Foreign VAT Payments N395.74 billion, while import VAT contributed N372.95 billion in Q2 2024.
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%.
Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate at 46.84%, followed by real estate activities with 42.59%.
NBS revealed that the 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.
According to the agency; on a year-on-year basis, VAT collections in Q2 2024 increased by 99.82% from Q2 2023.
