In Quarter One of 2024, the Value Added Tax (VAT) totalled N1.43 trillion, reflecting a 19.21 per cent increase compared to Quarter four 2023’s N1.20 trillion.
In the first quarter of 2024, local payments reached a total of N663.18 billion, while foreign VAT payments amounted to N435.73 billion. Notably, import VAT made a significant contribution of N332.01 billion during this period.
During the last quarter, the accommodation and food service sectors experienced the most significant growth at 59.15 per cent, with administrative and support services not far behind at 47.79 per cent.
Conversely, Extraterritorial organisations and bodies experienced the slowest growth rate at -57.01 per cent, while Human health and social work activities saw a decrease of -27.73 per cent.
In Q1 2024, the most significant sectoral contributions were as follows: Manufacturing led with 26.72%, followed by Information and Communication at 17.42 per cent, and Mining & Quarrying activities at 15.42 per cent.
Among the different categories, employers ranked the highest in terms of percentage, while the activities of households for personal use had the lowest share at 0.01 per cent . This was followed by extraterritorial organisations and bodies at 0.03 per cent and water supply, sewerage, waste management, and remediation activities at 0.05 per cent.
In contrast, there was a significant 101.65 per cent year-on-year rise in VAT collections in Q1 2024 compared to Q1 2023.
Source: NBS
