The revenue generated by the Federal Government from Value Added Tax (VAT) reached an impressive total of ₦1.56 trillion in the second quarter of 2024, OsunDailyNG understands.
As revealed by the National Bureau of Statistics (NBS) in its new publication, this figure marks a 9.11 per cent increase from the ₦1.43 trillion recorded in the first quarter of 2024.
In terms of local contributions, payments amounted to ₦792.58 billion, while foreign VAT payments totalled ₦395.74 billion, and import VAT accounted for ₦372.95 billion in the second quarter of 2024.
When examining growth rates on a quarter-on-quarter basis, the human health and social work sectors experienced the most significant increase at 98.44%, followed by agriculture, forestry, and fishing at 70.26%, and water supply, sewerage, waste management, and remediation activities at 59.75%, according to the NBS.
Conversely, the activities of households as employers, along with the undifferentiated goods and services produced by households for their own use, exhibited the lowest growth rate at 46.84%, with real estate activities following closely at 42.59%.
“In terms of sectoral contributions, the top three largest shares in Q2 2024 were manufacturing with 11.78%; information and communication with 9.02%; and Mining and quarrying with 8.79%.
“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 organisations and bodies with 0.01%; and Water supply, sewerage, waste management and remediation activities with and real estate services 0.04% each.
“However, on a year-on-year basis, VAT collections in Q2 2024 increased by 99.82% from Q2 2023,” the NBS report revealed.
