…As Collections Surge By 88% Y-o-Y
The latest data on Nigeria’s non-oil revenues in the third quarter of this year indicated that on the aggregate, Value Added Tax (VAT) revenue rose to N1.78 trillion, showing a growth rate of 14.16% on a quarter-on-quarter basis from N1.56 trillion raked in by the fiscal authorities in the preceding quarter.
The ‘Q3 2024 Value Added Tax Report’ published on Friday, December 6, 2024 by the National Bureau of Statistics (NBS), showed that local VAT payments totalled N922.87 billion, Foreign VAT Payments stood at N448.85 billion, while import VAT accounted for N410.62 billion during the quarter under review.
The statistics agency reported that on a quarter-on-quarter basis, Human health and social work activities recorded the highest growth rate with 250.39%, followed by the Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with 102.09%.
On the other hand, the report reflected that Water supply, sewerage, waste management and remediation activities had the least growth rate with -41.92%, followed by Activities of extraterritorial organizations and bodies at -36.14%.
In addition, the Bureau disclosed that in terms of sectoral contributions, the top three largest shares in Q3 2024 were Manufacturing with 22.21%; Information and Communication with 20.89%; and Mining & Quarrying activities with 18.90%.
It further clarified that nevertheless, Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01%, followed by Activities of extraterritorial organizations and bodies with 0.01% and Water supply, sewerage, waste management, and remediation activities with 0.03%.
The report showed that, however, on a year-on-year basis, VAT collections in Q3 2024 increased by 88.00% from Q3 2023.
