Business
VAT revenue reached N1.5tr in Q2/24 – NBS
The National Bureau of Statistics (NBS) said on Monday revenue generated from Value Added Tax (VAT) rose to N1.56 trillion in the second quarter of this year.
The figure represents a 9.11% growth in VAT revenue when compared to the N1.43 trillion recorded in the first quarter.
The agency revealed that revenue generated from Company Income Tax (CIT) for the same period also soared to N2.47 trillion marking an impressive growth of 150.83% compared to N984.61 billion posted in Q1.
For sectoral distribution of VAT for Q2, the NBS said local payments of the tax amounted to N792.58 billion.
The report read: “On the aggregate, Value Added Tax (VAT) for Q2 2024 was reported at N1.56 trillion, showing a growth rate of 9.11% on a quarter-on-quarter basis from N1.43 trillion in Q1 2024.
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“Local payments recorded were N792.58 billion, Foreign VAT Payments were N395.74 billion, while import VAT contributed N372.95 billion in Q2 2024.
“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%.
“On the other hand, Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with –46.84%, followed by Real estate activities with –42.59%.”
On sectoral contributions, the agency said the top three largest shares in the period review were manufacturing (11.78%, information and communication (9.02%), and mining and quarrying (8.79%).
“Nevertheless, 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 organizations and bodies with 0.01%; and water supply, sewerage, waste management and remediation activities with and real estate services 0.04% each,” NBS added.
By: Babajide Okeowo
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