…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%
MON SEPT 09 2024-theGBJournal| Tax authorities in Nigeria reported N1.56 trillion as collected value added tax (VAT) revenue in Q2-2024, a growth rate of 9.11% on a quarter-on-quarter basis from N1.43 trillion in Q1 2024.
According to data published today the National Bureau of Statistics (NBS), local payments recorded were N792.58 billion, foreign VAT payments were N395.74 billion,
while import VAT contributed N372.95 billion in Q2 2024.
Human health and social work activities recorded the highest growth rate with 98.44%, followed by agriculture quarter on quarter basis. Payments from Forestry and fishing was reported at 70.26%, while Water supply, sewerage, waste management and remediation activities reached 59.75%.
On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with –46.84%, followed by Real estate activities with –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 organizations 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.
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