Value Added Tax (VAT) Q1 2024

Executive Summary

On the aggregate, Value Added Tax (VAT) for Q1 2024 was reported at N1.43 trillion, show ing a growth rate of 19.21% on a quarter-on-quarter basis from N1.20 trillion in Q4 2023. Local payments recorded were N663.18 billion, Foreign VAT Payments were N435.73 billion, while import VAT contributed N332.01 billion in Q1 2024. On a quarter-on-quarter basis, ac commodation and food service activities recorded the highest growth rate with 59.15%, fol lowed by the activities of administrative and support with 47.79%. On the other hand, Activi ties of extraterritorial organizations and bodies had the lowest growth rate with –57.01%, followed by Human health and social work activities with –27.73%.
In terms of sectoral con tributions, the top three largest shares in Q1 2024 were Manufacturing with 26.72%; Infor mation and Communication with 17.42%; and Mining & Quarrying activities with 15.42%. Nevertheless, activities of households as employers, undifferentiated goods- and services producing activities of households for own use recorded the least share with 0.01%, fol lowed by activities of extraterritorial organizations and bodies with 0.03% and water supply, sewerage, waste management, and remediation activities with 0.05%. However, on a year on-year basis, VAT collections in Q1 2024 increased by 101.65% from Q1 2023. 

Data source: National Bureau of Statistics