Nigeria records N1.43trn VAT in Q1 2024

The National Bureau of Statistics (NBS) has declared that the aggregate Value Added Tax (VAT) stood at N1.43 trillion in Q1 2024.

The NBS disclosed this via the VAT Q1 2024 Report released on Tuesday, June 11.

The report showed a growth rate of 19.21 per cent on a quarter-on-quarter basis from N1.20 trillion recorded in Q4 2023.

The NBS noted that local payments recorded were N663.18 billion, foreign VAT payments contributed N435.73 billion, while import VAT contributed N332.01 billion in Q1 2024.

On a quarter-on-quarter basis, the bureau stated that accommodation and food service activities recorded the highest growth rate at 59.15 per cent, followed by the activities of administration and support at 47.79 per cent.

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“On the other hand, activities of extraterritorial organisations and bodies had the lowest growth rate at –57.01 per cent, followed by human health and social work activities at –27.73 per cent,” it added.

In terms of sectoral contributions, the report showed the top three largest shares in Q1 2024 were manufacturing at 26.72 per cent, information and communication at 17.42 per cent and mining and quarrying activities at 15.42 per cent.

The NBS said: “On the other hand, activities of households as employers, undifferentiated goods and services-producing activities of households for own use recorded the least share at 0.01 per cent.

“This was followed by activities of extraterritorial organisations and bodies at 0.03 per cent, and water supply, sewerage, waste management and remediation activities at 0.05 per cent.”

On a year-on-year basis, the NBS noted that VAT collections in Q1 2024 increased by 101.65 per cent from Q1 2023.

The Star