The National Bureau of Statistics (NBS) has released its latest report, revealing a significant increase in Value Added Tax (VAT) revenue for the second quarter of 2024. The total VAT revenue reached N1.56 trillion, marking a 9.11% quarter-on-quarter growth from N1.43 trillion in the first quarter of 2024.
A breakdown of the revenue shows that domestic payments accounted for N792.58 billion, while foreign VAT payments totaled N395.74 billion. Import VAT contributed N372.95 billion to the total revenue.
READ ALSO: No Change in VAT Rate, FG Assures, Amidst Atiku’s Criticism
The report also highlights the top-performing sectors in terms of VAT growth. The human health and social work activities sector saw the most significant increase at 98.44%, closely followed by agriculture, forestry, and fishing at 70.26%, and water supply, sewerage, waste management, and remediation activities at 59.75%.
This surge in VAT revenue indicates a positive trend in Nigeria’s economy, suggesting increased business activity and economic recovery. As the country continues to navigate its economic landscape, this data provides a promising sign of growth and development.
