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According to the VAT Q1 2024 Report released in Abuja on Tuesday, the National Bureau of Statistics reported that the total Value Added Tax reached N1.43 trillion in the first quarter of 2024.
The report indicated a growth rate of 19.21 percent compared to the previous quarter, with N1.20 trillion recorded in Q4 2023. Additionally, the report highlighted that local payments amounted to N663.18 billion, foreign VAT payments contributed N435.73 billion, and import VAT contributed N332.01 billion in Q1 2024.
The report indicated that in the first quarter of 2024, the manufacturing sector made the largest contribution at 26.72%, followed by information and communication at 17.42%, and mining and quarrying activities at 15.42%.
"In contrast, households' activities as employers and undifferentiated goods and services-producing activities for own use had the smallest share at 0.01 percent.
This was followed by extraterritorial organizations and bodies at 0.03 percent, and water supply, sewerage, waste management, and remediation activities at 0.05 percent.
The year-on-year comparison revealed a 101.65 percent increase in VAT collections in Q1 2024 compared to Q1 2023.
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