The National Bureau of Statistics stated that Nigeria collected N1.78trn in value-added tax in the third quarter of 2024.
This signifies a 14.16% rise from the N1.56trn noted in the second quarter of that same year.
The Federal Inland Revenue Service oversees VAT, a consumption tax, which is disbursed to the three tiers of government through the Federation Accounts Allocation Committee.
The NBS’s most recent sectoral VAT distribution data for Q3 2024 shows an 88% rise over the N948bn recorded in Q3 2023.
“Overall, the Value Added Tax (VAT) for Q3 2024 was stated at N1.78trn, indicating a growth rate of 14.16% quarter-on-quarter from N1.56trn in Q2 2024,” reported NBS.
Analyzing the contributions, local VAT payments totalled N922.87bn, foreign VAT payments reached N448.85bn, and import VAT was N410.62bn for the quarter.
According to the NBS, “On a quarter-over-quarter basis, Human health and social work activities achieved the highest growth rate at 250.39%, followed by the Activities of households as employers and undifferentiated goods- and services-producing activities of households for personal use at 102.09%.”
“Water supply, sewerage, waste management, and remediation activities experienced the lowest growth rate at –41.92%, while activities of extraterritorial organizations and bodies followed closely with –36.14%.
“Regarding sectoral contributions, manufacturing topped the list at 22.21%, with information and communication next at 20.89%, and mining and quarrying activities at 18.90%.”
The smallest contributions were from “household activities as employers, undifferentiated goods-and services-producing household activities for personal use (0.01 percent),” as well as “activities of extraterritorial organisations and bodies (0.01 percent)” and “water supply, sewer services, waste management, and remediation activities (0.03 percent),” it concluded.