Mkpoikana Udoma
Port Harcourt — Nigeria’s Value Added Tax, VAT, collections for the first quarter of 2024 have risen to N1.43 trillion, representing a 19.21% growth rate compared to the previous quarter, according to data from the National Bureau of Statistics, NBS.
The NBS report shows that local payments accounted for N663.18 billion, while foreign VAT payments contributed N435.73 billion, and import VAT added N332.01 billion to the total.
The hospitality industry recorded the highest growth rate at 59.15%, followed by administrative and support services at 47.79%. In contrast, activities of extraterritorial organizations and bodies saw a significant decline of 57.01%.
Manufacturing, Information and Communication, and Mining & Quarrying activities led the sectoral contributions, accounting for 26.72%, 17.42%, and 15.42%, respectively.
On a year-on-year basis, VAT collections in Q1 2024 increased by 101.65% compared to the same period in 2023.
This significant growth in VAT collections indicates a positive trend in Nigeria’s economic recovery and growth strategy.
