VAT revenue rose by 14 per cent to N1.78trn in Q3 2024 – NBS
The National Bureau of Statistics (NBS) says the federal government generated N1.78 trillion as Value-Added Tax (VAT) in the third quarter (Q3) of 2024.
The figure represents an increase of 14.16 percent compared to the N1.56 trillion recorded in the second quarter (Q2) of 2024.
VAT is a consumption tax administered by the Federal Inland Revenue Service (FIRS), whose revenues are usually disbursed to the three tiers of government through the Federation Accounts Allocation Committee (FAAC).
The NBS, in its latest report on the sectoral distribution of VAT for Q3 2024, said the figure (N1.78 trillion) represents an 88 percent increase compared to the N948 billion generated in Q3 2023.
“On the aggregate, Value-Added Tax (VAT) for Q3 2024 was reported at N1.78 trillion, showing a growth rate of 14.16% on a quarter-on-quarter basis from N1.56 trillion in Q2 2024.
“Local payments recorded were N922.87 billion, Foreign VAT Payments were N448.85 billion, while Import VAT contributed N410.62 billion in Q3 2024.
“On a quarter-on-quarter basis, human health and social work activities recorded the highest growth rate with 250.39%, followed by the activities of households as employers, undifferentiated goods-and services-producing activities of households for own use with 102.09%.
“On the other hand, water supply, sewerage, waste management, and remediation activities had the least growth rate with -41.92%, followed by activities of extraterritorial organizations and bodies with -36.14%,” NBS said.
On sectoral contributions, the bureau said the top three largest shares in Q3 2024 were manufacturing (22.21 percent), information and communication (20.89 percent), and mining and quarrying activities (18.90 percent).
The NBS further stated that activities of households as employers, undifferentiated goods-and services-producing activities of households for own use recorded the least share (0.01 percent), followed by activities of extraterritorial organizations and bodies (0.01 percent), and water supply, sewerage, waste management, and remediation activities (0.03 percent).
