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The National Bureau of Statistics (NBS) said on Monday revenue generated from Value Added Tax (VAT) rose to N1.56 trillion in the second quarter of this year.
The figure shows a 9.11% growth in VAT revenue when compared to the N1.43 trillion recorded in the first quarter.
The agency revealed that revenue generated from Corporate Income Tax (CIT) for the same period also jumped to N2.47 trillion marking an impressive growth of 150.83% compared to N984.61 billion recorded in Q1.
For the sectoral distribution of VAT for Q2, the NBS said local tax payments amounted to N792.58 billion.
The report reads: “In aggregate, Value Added Tax (VAT) for Q2 2024 was reported at N1.56 trillion, showing a growth rate of 9.11% quarter-on-quarter from N1.43 trillion in Q1 2024.
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“Local payments recorded N792.58 billion, Foreign VAT payments N395.74 billion, while import VAT contributed N372.95 billion in Q2 2024.
“On a quarterly basis, human health and social work activities recorded the highest growth rate at 98.44%, followed by agriculture, forestry and fisheries at 70.26%, and water supply, waste disposal, waste management and remediation activities at 59.75%.
“On the other hand, Household activities as employers, household activities producing undifferentiated goods and services for own use had the lowest growth rate of -46.84%, followed by Real estate activities at -42.59%.”
Regarding sectoral contributions, the agency said the three largest portions in the period reviewed were manufacturing (11.78%), information and communication (9.02%), and mining and quarrying (8.79%).
“However, household activities as employers, household activities producing goods and services for own use without distinction recorded the lowest share at 0.00%, followed by activities of extraterritorial organizations and bodies at 0.01%; and activities of water supply, waste disposal, waste management and remediation with and real estate services at 0.04% each,” the NBS added.
By: Babajide Okeowo
The post VAT Revenue Hits N1.5tn in Q2/24 – NBS appeared first on Latest Nigeria News | Headlines from Ripples Nigeria.
