By The New Diplomat Business Desk
The federal government, in the second quarter of 2024, generated a total of N1.56 trillion from Value Added Tax, a report by the National Bureau of Statistics (NBS) has revealed.
This accounts for a 9.11 per cent increase from the N1.43 trillion generated in Q1 2024.
According to the report, local payments recorded between April 2024 and June 2024 were N792.58 billion.
Foreign VAT payments recorded within the period in review stood at N395.74 billion, while import VAT contributed N372.95 billion in Q2 2024.
The report reads in part: “On the aggregate, Value Added Tax (VAT) for Q2 2024 was reported at N1.56 trillion, showing a growth rate of 9.11% on a quarter-on-quarter basis from N1.43 trillion in Q1 2024.
“Local payments recorded were N792.58 billion, Foreign VAT Payments were 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%.
“On the other hand, Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with –46.84%, followed by Real estate activities with –42.59%.”
On sectoral contributions, the NBS said the top three largest shares in the period under review were manufacturing (11.78 per cent), information and communication (9.02 per cent), and mining and quarrying (8.79 per cent).
“Nevertheless, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00 per cent, followed by activities of extraterritorial organizations and bodies with 0.01 per cent; and water supply, sewerage, waste management and remediation activities with and real estate services 0.04 per cent each.”
The data generation and management agency noted that VAT collections in Q2 2024 increased by 99.82 per cent on a year-on-year basis.
