In the third quarter of 2024, Nigeria’s Value Added Tax (VAT) collection hit a new high of N1.78 trillion. This is a big jump of 14.16% from the N1.56 trillion collected in the second quarter of 2024.
According to the latest VAT report from the National Bureau of Statistics (NBS), this huge increase means a 88% rise compared to the same period in 2023.
The N1.78 trillion in VAT revenue came from three main sources: N922.87 billion from local VAT payments, N448.85 billion from foreign VAT payments, and N410.62 billion from import VAT. This strong performance is due to the significant growth in human health and social work activities, which increased by 250.39% from the previous quarter. Household activities and services also grew by 102.09%.
However, some areas saw significant declines, Water supply, sewerage, waste management, and remediation activities fell by 41.92%. which was the biggest drop. Also, work done by international groups and organizations decreased by 36.14%.
