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%).
HAPPY BIRTHDAY, SIR
HIS EXCELLENCY, RT. HON. AHMADU UMARU FINTIRI
HAPPY 59TH BIRTHDAY, YOUR EXCELLENCY! The Governing Council, Management, Staff and entire University Community of Adamawa State University, Mubi, heartily felicitate with Your Excellency on the joyous occasion of your 59th birthday. We celebrate your commitment to educational advancement and the development of Adamawa State. May Almighty God grant you sound health, divine wisdom, long life and greater accomplishments. Happy 59th Birthday, Your Excellency!
Professor Clement Augustine, Vice Chancellor, ADSU, Mubi
“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.