Nigeria’s aggregate Value Added Tax (VAT) revenue collection increased to ₦1.95 trillion in Q4, 2024, showing a growth rate of 9.23% on a quarter-on-quarter basis from ₦1.78 trillion in Q3 2024.
According to the Value Added Tax Report for Q4 2024 released by the National Bureau Statistics (NBS) on Thursday, domestic payments were ₦917.40 billion, Non-import foreign VAT Payments were ₦554.68 billion, while import VAT contributed ₦474.75billion in Q4 2024.
NBS said on a quarter-on-quarter basis, activities of extraterritorial organizations and bodies recorded the highest growth rate with 180.05%, followed by agriculture, forestry and fishing with 70.83%, and human health and social work activities with 46.13%.
On the other hand, it said activities of households as employers, undifferentiated goods-and services-producing activities of households for own use contracted by 28.97%, followed information and communication with 23.00%.
In terms of sectoral contributions, the Bureau said the top three largest shares in Q4 2024 were manufacturing with 25.89%; information and communication with 16.18%; and Mining and quarrying with 15.52%.
According to the report, the least contributing activity during the quarter was Activities of households as employers, undifferentiated goods-and services-producing activities of households for own use recorded the least share with 0.01%; followed by Activities of extraterritorial organizations and bodies and Water supply, sewerage, waste management with 0.04% contribution each.
However, on a year-on-year basis, VAT collections in Q4 2024 increased by 62.19% compared to corresponding quarter (Q4 2023).
