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NBS: VAT revenue increased by 19% to N1.43trn in Q1 2024

NBS: Nigeria generated N1.43trn from VAT in Q1 2024 — up by 19% from Q4 2023 NBS: Nigeria generated N1.43trn from VAT in Q1 2024 — up by 19% from Q4 2023

The National Bureau of Statistics (NBS) says Nigeria generated N1.43 trillion as the aggregate revenue from value-added tax (VAT) in the first quarter (Q1) of 2024.

This is according to the VAT Q1 2024 report released by NBS in Abuja on Tuesday.

The report showed a growth rate of 19.21 percent on a quarter-on-quarter basis from N1.20 trillion recorded in Q4 2023.

NBS also said local payments recorded were N663.18 billion, foreign VAT payments contributed N435.73 billion, while import VAT contributed N332.01 billion between January to March.

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On a quarter-on-quarter basis, the report showed that accommodation and food service activities recorded the highest growth rate at 59.15 percent, followed by the activities of administrative and support with 47.79 percent.

“On the other hand, activities of extraterritorial organisations and bodies had the lowest growth rate at –57.01 percent , followed by human health and social work activities with –27.73 per cent,” NBS said.

In terms of sectoral contributions, the report showed the top three largest shares in Q1 2024 were manufacturing at 26.72 percent, information and communication at 17.42 percent and mining and quarrying activities at 15.42 percent.

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“On the other hand, activities of households as employers, undifferentiated goods and services producing activities of households for own use recorded the least share at 0.01 percent,” the bureau said.

“This was followed by activities of extraterritorial organisations and bodies at 0.03 percent, and water supply, sewerage, waste management and remediation activities at 0.05 percent.”

On a year-on-year basis, NBS said VAT collections in Q1 2024 increased by 101.65 percent compared to N709.59 billion in Q1 2023.

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