According to the National Bureau of Statistics (NBS), the aggregate value added tax (VAT) was N1.43 trillion in the first quarter of 2024. This is according to the VAT Q1 2024 report, which was released in Abuja on Tuesday.
The data displays a quarterly growth rate of 19.21% from N1.20 trillion in Q4 2023. According to the report, local payments totaled N663.18 billion in Q1 2024, with international VAT payments contributing N435.73 billion and import VAT contributing N332.01 billion.
On a quarterly basis, the data showed that accommodation and food service operations grew the most at 59.15%, followed by administrative and support activities at 47.79%. “On the other hand, activities of extraterritorial organisations and bodies had the lowest growth rate at -57.01 per cent , followed by human health and social work activities at -27.73 per cent (NBS).
” According to the report, the top three sectoral contributions in Q1 2024 were manufacturing (26.72%), information and communication (17.42%), and mining and quarrying (15.42%).
“On the other hand, home activities as employers, as well as undifferentiated products and services-producing activities for personal consumption, accounted for the smallest amount, at 0.01% (guardian.ng)
NBS
“This was followed by activities of extraterritorial organisations and bodies at 0.03 percent, and water supply, sewerage, waste management, and cleanup at 0.05 percent. On a year-over-year basis, VAT receipts in Q1 2024 climbed by 101.65% from Q1 2023. (NAN)
