Nigeria’s value-added tax (VAT) generation rose to N1.56 trillion in the second quarter (April to June) of this year.
The VAT generation rose from N1.43 trillion in the first quarter (January to March), representing an increase of 9.11 per cent.
The National Bureau of Statistics (NBS) revealed this in its latest report on sectoral distribution of VAT for Q2 2024, released on Monday.
The bureau said local payments of the tax amounted to N792.58 billion, while foreign VAT payments were N395.74 billion and import VAT contributed N372.95 billion in the review period.
“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%,” the report indicated.
On sectoral contributions, the NBS said the top three largest shares in the period under review were manufacturing (11.78 per cent), information and communication (9.02 per cent), and mining and quarrying (8.79 per cent).
“Nevertheless, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00 percent, followed by activities of extraterritorial organizations and bodies with 0.01 percent; and water supply, sewerage, waste management and remediation activities with and real estate services 0.04 percent each,” NBS added.
The data agency further noted that VAT collections in Q2 2024 increased by 99.82 per cent, on a year-on-year basis.
