The National Bureau of Statistics (NBS) reports that in the third quarter of 2024, the Nigerian government collected N1.78 trillion in Value Added Tax (VAT).
According to the NBS’s most recent VAT report, the amount is an 88 percent year-over-year rise from Q3 2023 and a 14.16 percent quarter-on-quarter increase over the N1.56 trillion collected in Q2 2024.
Local VAT payments (N922.87 billion), foreign VAT payments (N448.85 billion), and import VAT (N410.62 billion) accounted for the majority of the N1.78 trillion in VAT revenue.
The activities of households as employers and undifferentiated goods and services-producing activities for household consumption expanded by 102.09 percent and 250.39%, respectively, while the activities related to human health and social work had the largest growth rate from quarter to quarter.
On the other hand, certain industries saw notable drops. The sectors with the biggest decline, water supply, sewerage, waste management, and remediation operations, saw a 41.92 percent drop.
Additionally, there was a 36.14 percent decline in the activities of extraterritorial bodies and organisations.
The industries that contributed the most to the overall VAT pool in Q3 2024 were manufacturing (22.21%), information and communication (20.89%), and mining and quarrying activities (18.90%).
Employer-related and undifferentiated household activities, which accounted for 0.01 percent of the total, were at the bottom of the spectrum.
Water supply, sewerage, waste management, and cleanup activities contributed 0.03 percent, while extraterritorial organizations and entities additionally contributed 0.01 percent.
