FG’s VAT revenue increases by 9% to ₦1.56 trillion in Q2 2024.

In the second quarter of 2024, the Federal Government’s revenue from Value Added Tax reached ₦1.56 trillion.

The National Bureau of Statistics said that VAT income collection increased by 9.11% from ₦1.43tn in Q1 2024.

In Q2 2024, local payments totalled ₦792.58 billion, while foreign VAT payments were ₦395.74 billion and import VAT contributed ₦372.95 billion.

“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%,” according to the NBS.
On the other hand, families’ activities as employers, which involve generating undifferentiated goods and services for their own use, had the slowest growth rate at 46.84%. This was followed by real estate operations (42.59%).

In Q2 2024, manufacturing had the highest sectoral contribution (11.78%), followed by information and communication (9.02%) and mining and quarrying (8.79%).

“Nonetheless, 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 with 0.04% each. However, year on year, VAT receipts in Q2 2024 climbed by 99.82% compared to Q2 2023.