Nigeria Records N1.43 Trillion VAT in Q1 2024, Says NBS

By Abass Ganiyu
Abuja, June 6, 2024 - The National Bureau of Statistics (NBS) has reported that Nigeria's Value Added Tax (VAT) collection reached N1.43 trillion in the first quarter of 2024. This marks a 19.21% increase from the N1.20 trillion recorded in Q4 2023. 

The report detailed that local VAT payments accounted for N663.18 billion, foreign VAT payments contributed N435.73 billion, and import VAT added N332.01 billion. The accommodation and food service sector showed the highest growth rate at 59.15%, followed by administrative and support activities at 47.79%.

In terms of sectoral contributions, manufacturing led with 26.72%, information and communication followed with 17.42%, and mining and quarrying activities contributed 15.42%. Conversely, the activities of households as employers, extraterritorial organizations, and water supply services recorded the smallest shares.

Year-on-year, VAT collections increased by 101.65% from Q1 2023, highlighting significant growth in the nation's tax revenue.

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