How Nigeria Raked N600.15 billion from VAT in Q2 2024

Nigeria records a total of N600.15 billion from Value Added Tax (VAT) in  Q2 2024. This is indicative of a  17.16% on a year-on-year basis.

This is according to a report recently released by the National Bureau of Statistics. The VAT collected in Q2 2024 grew by 1.96% when compared to the N588.59 billion in Q1 2024.

The report added that on a quarter-on-quarter basis, Electricity, gas, steam and air conditioning supply recorded the highest growth rate with 116.47%, followed by Accommodation and food service activities with 42.44%.

Key highlights of the report

  • Nigeria records N600.15 billion from Value Added Tax (VAT) in Q2 2024.
  • Nigeria earned more from local payments as the data show that local payments recorded were N359.12 billion, while Foreign VAT Payment contributed N111.13 billion in Q2 2024.
  • Activities of extraterritorial organizations and bodies had the lowest growth rate with –42.39%, followed by Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with –36.57%.
  • Three major contributors to the Q2 VAT are manufacturing, information and communication, and mining and quarrying, contributing 33.08%, 18.98 and 10.60% respectively.
  • Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.03%, followed by Activities of extraterritorial organizations and bodies with 0.05%; and Water supply, sewerage, waste management and remediation activities with 0.13%.

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