Nigeria’s Value Added Tax (VAT) collection for the third quarter of 2024 rose to N1.78 trillion.
The National Bureau of Statistics (NBS) disclosed this in its latest VAT report.
The recorded amount represents a 14.16 per cent quarter-on-quarter increase compared to the N1.56 trillion collected in Q2 2024 and an 88 per cent year-on-year growth from Q3 2023.
The data showed that the N1.78 trillion VAT revenue was driven by contributions from three key streams: Local VAT Payments: N922.87 billion; Foreign VAT Payments: N448.85 billion; and Import VAT: N410.62 billion.
The report further indicated that human health and social work activities led the pack with the highest growth rate of 250.39 per cent quarter-on-quarter, followed by activities of households as employers and undifferentiated goods and services-producing activities for household use, which grew by 102.09 per cent.
Conversely, some sectors recorded significant declines. These include water supply, sewerage, waste management, and remediation activities, which fell by 41.92 per cent, the sharpest decline among sectors.
Activities of extraterritorial organisations and bodies also dropped by 36.14 per cent.
In terms of contributions to the overall VAT pool, the top-performing sectors in Q3 2024 were: Manufacturing 22.21 per cent, Information and Communication 20.89 per cent, mining and quarrying activities 18.90 per cent
The Q3 2024 VAT collections showed remarkable progress on a year-on-year basis, recording an 88 per cent increase from Q3 2023.
