Nigeria’s VAT Collection Rises By 14.16% To N1.78trn In Q3

Nigeria’s Value Added Tax collection rose by 14.16 per cent to N1.78 trillion in the third quarter of 2024 from N1.56 trillion in Q2.

According to data released on Friday by the National Bureau of Statistics (NBS), the VAT collection in Q3 2024 surged by 88 per cent on a year-on-year basis from Q3 2024.

In Q3 2024, import VAT contributed N410.62 billion, international VAT payments totalled N448.85 billion, and local VAT payments stood at N922.87 billion.
READ ALSO: 10 Sectors With Highest VAT Contributions In Q2 2024

Human health and social work activities had the largest growth rate on a quarter-over-quarter basis (250.39 percent), followed by household employment activities and undifferentiated household production of goods and services for personal consumption (102.09%).

In terms of sectoral contributions, the top three largest shares in Q3 2024 were Manufacturing with 22.21 per cent; Information and Communication with 20.89 per cent; and Mining & Quarrying activities with 18.90 per cent.

Victor Ezeja

Correspondent at Prime Business Africa |  + postsBio

Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.

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