The Federal Government’s revenue from Value Added Tax (VAT) surged to ₦1.56 trillion in the second quarter of 2024, marking a notable 9.11% increase from ₦1.43 trillion in the previous quarter. This data was published by the National Bureau of Statistics (NBS).
Local VAT contributions amounted to ₦792.58 billion, while foreign VAT payments were ₦395.74 billion, and import VAT contributed ₦372.95 billion in Q2 2024.
Sector-specific growth showed the most significant gains in human health and social work, which saw a 98.44% increase. This was followed by agriculture, forestry, and fishing at 70.26%, and water supply, sewerage, waste management, and remediation activities at 59.75%. Conversely, sectors such as household activities as employers and undifferentiated goods and services produced by households saw the lowest growth rates at 46.84% and 42.59%, respectively.
In terms of sectoral contributions, manufacturing led with 11.78%, followed by information and communication at 9.02%, and mining and quarrying at 8.79%. The lowest contributions came from household activities, with 0.00%, and extraterritorial organizations and water supply services at 0.01% and 0.04%, respectively.
On a year-on-year comparison, VAT collections in Q2 2024 experienced a substantial 99.82% increase from Q2 2023.
News Editor 
Hyelsinta Hassan