In its recent report on Value Added Tax (VAT) for the first quarter of 2024, the National Bureau of Statistics announced a total VAT collection of N1.43 trillion. Released in Abuja on Tuesday, the report indicates a significant growth rate of 19.21 percent compared to the previous quarter’s N1.20 trillion.
Breaking down the figures, domestic VAT payments amounted to N663.18 billion, while foreign VAT payments and import VAT stood at N435.73 billion and N332.01 billion, respectively, for Q1 2024.
Quarterly analysis highlights remarkable growth in accommodation and food service activities by 59.15 percent, followed closely by administrative and support activities at 47.79 percent. Conversely, extraterritorial organizations and bodies saw a notable decline of -57.01 percent, with human health and social work activities also dipping by -27.73 percent.Sector-wise contributions reveal manufacturing leading at 26.72 percent, trailed by information and communication at 17.42 percent, and mining and quarrying activities at 15.42 percent.
In contrast, activities of households as employers and undifferentiated goods and services-producing households recorded the smallest shares at 0.01 percent.
Year-on-year analysis demonstrates a remarkable 101.65 percent increase in VAT collections for Q1 2024 compared to the same period in 2023.
