The latest report from the National Bureau of Statistics (NBS) shows that the Federal Government generated N1.43 trillion Value Added Tax (VAT) revenue in the first quarter of 2024.
This indicates a growth rate of 19.21 percent on a quarter-on-quarter basis from the N1.20 trillion recorded in the fourth quarter of 2023.
According to the NBS report, the local payments recorded were N663.18 billion, Foreign VAT Payments were N435.73 billion, while import VAT contributed N332.01 billion in Q1 2024.
It said, on a quarter-on-quarter basis, accommodation and food service activities recorded the highest growth rate with 59.15%, followed by the activities of administrative and support with 47.79%.
On the other hand, the Bureau said, activities of extraterritorial organizations and bodies had the lowest growth rate with –57.01%, followed by Human health and social work activities with –27.73%.
It said, in terms of sectoral contributions, the top three largest shares in Q1 2024 were Manufacturing with 26.72%; Information and Communication with 17.42%; and Mining & Quarrying activities with 15.42%.
Nevertheless, it said, 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 with 0.03% and water supply, sewerage, waste management, and remediation activities with 0.05%.
NBS, however, said, on a year on-year basis, VAT collections in Q1 2024 increased by 101.65% from Q1 2023.
Meanwhile, the Bureau reported that on the aggregate, Company Income Tax (CIT) for Q1 2024 was reported at N984.61 billion, indicating a growth rate of –12.87% on a quarter-on-quarter basis from N1.13 trillion in Q4 2023.
It said, the local payments received were N386.49 billion, while Foreign CIT Payment contributed N598.13 billion in Q1 2024.
NBS said, on a quarter-on-quarter basis, Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the highest growth rate with 330.42%, followed by Administrative and support service activities with 33.18%.
On the other hand, it said, activities of Manufacturing had the lowest growth rate with –70.24%, followed by electricity, gas, steam and air conditioning supply with –69.14%.
In terms of sectoral contributions, the Bureau said, the top three largest shares in Q1 2024 were Mining and quarrying with 20.94%; Financial and insurance activities with 18.73%; and Information and communication with 12.56%.
Nevertheless, it said, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.02%, followed by Water supply, sewerage, waste man agement, and remediation activities with 0.07% and Activities of extraterritorial organizations and bodies with 0.24%.
It, however, disclosed that on a year-on-year basis, CIT collections in Q1 2024 increased by 109.93% from Q1 2023.
