Nigeria's Value Added Tax collection increased by 14.16 percent to N1.78 trillion in the third quarter of 2024 from N1.56 trillion in Q2. The National Bureau of Statistics disclosed this in its VAT data released on Friday. On a year-on-year basis, VAT collections in Q3 2024 increased by 88.00 percent from Q3 2023.
Nigeria's Value Added Tax collection increased by 14.16 percent to N1.78 trillion in the third quarter of 2024 from N1.56 trillion in Q2. The National Bureau of Statistics disclosed this in its VAT data released on Friday. On a year-on-year basis, VAT collections in Q3 2024 increased by 88.00 percent from Q3 2023. Accordingly, in the Q3 VAT collection, local payments recorded were N922.87 billion, foreign VAT payments were N448.85 billion, while import VAT contributed N410.
On a quarter-on-quarter basis, human health and social work activities recorded the highest growth rate with 250.39 percent, followed by the activities of households as employers and undifferentiated- goods and services-producing activities of households for their own use with 102.09 percent. On the other hand, water supply, sewerage, waste management, and remediation activities had the lowest growth rate with –41.
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