September 09, (THEWILL) – The Federal Government recorded a whopping N1.56 trillion from Value Added Tax (VAT) in the second quarter of 2024, showing a growth rate of 9.11% on a quarter-on-quarter basis from N1.43 trillion in Q1, 2024, the National Bureau of Statistics (NBS) said Monday.
Of this amount, local payments recorded were N792.58 billion, Foreign VAT Payments N395.74 billion, while import VAT contributed N372.95 billion in Q2 2024.
According to the VAT revenue report, Manufacturing, Information and Communication ranked top in VAT contribution recording 11.78% and 9.02% respectively. Mining and quarrying recorded 8.79%.
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 with –46.84%, followed by real estate activities with –42.59%.
According to NBS, 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 organisations and bodies with 0.01%; and Water supply, sewerage, waste management and remediation activities with and Real Estate Services 0.04% each.
On a year-on-year basis, VAT collections in Q2 2024, increased by 99.82% from Q2 2023.
