On the aggregate, Value Added Tax (VAT) collections into the Federation Account in the second quarter of this year increased to N1.56 trillion, representing 98.82% surge year-on-year (Y-o-Y) from Q2 2023, the National Bureau of Statistics (NBS) has reported.
The statistics agency gave these figures in the ‘Value Added Tax (VAT) Q2 2024’ report published on its website at the weekend, adding, however, that on a quarter-on-quarter basis, the increase indicated a growth rate of 9.11% when compared with N1.43 trillion that accrued to the Federation Account in Q1 2024,
According to the report, local VAT payments in the quarter under review totalled N792.58 billion, while the Foreign VAT Payments rose to N395.74 billion, while import VAT contributed N372.95 billion.
The Bureau reported that on a quarter-on-quarter basis, Human health and social work activities recorded the highest growth rate with 98.44%, followed by agriculture, forestry and fishing with 70.26%, and Water supply, sewerage, waste management and remediation activities with 59.75%.
Conversely, it disclosed that 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%.
The Bureau further clarified that in terms of sectoral contributions, the top three largest shares in the second quarter this year comprised manufacturing sector with 11.78%; Information and Communication sector with 9.02%; and Mining and quarrying sector with 8.79%.
It noted that nevertheless, 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%; and Water supply, sewerage, waste management and remediation activities with and Real Estate Services 0.04% each.
