The Nigerian government generated N1.78 trillion from Value Added Tax (VAT) in the third quarter of 2024, according to the latest report by the National Bureau of Statistics (NBS).
The report revealed that this represents a 14.16% quarter-on-quarter increase compared to the N1.56 trillion collected in the second quarter of 2024. It also signifies an 88% year-on-year growth compared to Q3 2023.
The N1.78 trillion revenue was primarily driven by local VAT payments amounting to N922.87 billion, foreign VAT payments totalling N448.85 billion, and import VAT, which contributed N410.62 billion.
Among the sectors, Human health and social work activities recorded the most substantial quarter-on-quarter growth, with a remarkable 250.39% increase. This was followed by activities of households as employers and undifferentiated goods- and services-producing activities for household use, which grew by 102.09%.
Conversely, some sectors experienced sharp declines. The steepest was in water supply, sewerage, waste management, and remediation activities, which fell by 41.92%. This was followed by activities of extraterritorial organisations and bodies, which declined by 36.14%.
In terms of contributions to the total VAT revenue, the manufacturing sector led with a share of 22.21%, followed by information and communication at 20.89%, and mining and quarrying at 18.90%.
At the lower end, activities of households as employers and undifferentiated household activities contributed just 0.01% each, alongside activities of extraterritorial organisations and bodies at 0.01%. Meanwhile, water supply, sewerage, waste management, and remediation activities accounted for 0.03%.
