Mkpoikana Udoma
Port Harcourt — Nigeria’s Value Added Tax, VAT collections for Q2 2024 reached N1.56 trillion, representing a 9.11% quarter-on-quarter growth from N1.43 trillion in Q1 2024, according to the National Bureau of Statistics, NBS.
On a year-on-year basis, VAT collections in Q2 2024 increased by 99.82% from Q2 2023.
Local payments dominated with N792.58 billion, followed by foreign VAT payments N395.74 billion and import VAT with
N372.95 billion.
The sectors that recorded the highest growth rates in VAT collections were human health and social work activities with 98.44%, agriculture, forestry, and fishing 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%.
In terms of sectoral contributions, manufacturing led the way with 11.78%, followed by information and communication with 9.02%, and mining and quarrying with 8.79%.
In terms of sectoral contributions, the top three largest shares in Q2 2024 were manufacturing with 11.78%; information and communication with 9.02%; and Mining and quarrying with 8.79%.
Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00%, followed by activities of extraterritorial organizations and bodies with 0.01%.
Water supply, sewerage, waste management and remediation activities with and Real Estate Services recorded 0.04% each.
