Nigeria’s VAT Revenue Rises 14.16% in Q3 2024 to N1.78 Trillion
The National Bureau of Statistics (NBS) has reported a 14.16% increase in Value Added Tax (VAT) revenue for the third quarter of 2024 (Q3 2024), totaling N1.78 trillion. This marks an improvement from the N1.56 trillion collected in Q2 2024.
Breakdown of VAT Collections
The NBS report highlighted contributions from various sources:
- Local VAT Payments: N922.87 billion
- Foreign VAT Payments: N448.85 billion
- Import VAT: N410.62 billion
On a quarter-on-quarter basis, the Human Health and Social Work Activities sector posted the highest growth rate at 250.39%, followed by Activities of Households as Employers at 102.09%. Conversely, Water Supply, Sewerage, Waste Management, and Remediation Activities saw the steepest decline at –41.92%, followed by Activities of Extraterritorial Organizations and Bodies at –36.14%
The largest contributors to VAT revenue in Q3 2024 were:
- Manufacturing: 22.21%
- Information and Communication: 20.89%
- Mining and Quarrying Activities: 18.90%
Sectors with the smallest contributions included:
- Activities of Households as Employers: 0.01%
- Activities of Extraterritorial Organizations: 0.01%
- Water Supply and Waste Management: 0.03%
VAT collections in Q3 2024 surged by 88.00% compared to the same period in 2023, demonstrating significant growth in government revenue from this tax source.
The report also noted that Company Income Tax (CIT) dropped by 28.20% on a quarter-on-quarter basis, from N2.47 trillion in Q2 2024 to N1.77 trillion in Q3 2024.
This VAT growth underscores the government’s success in expanding its revenue base while highlighting challenges in other tax segments.
No products in the cart.