Nigeria’s overall VAT as seen in a report by the country’s National Bureau of Statistics stood at N1.56 trillion, representing a 9.11% increase over Q1 2024’s N1.43 trillion.
In the period under review, local payments of the value added tax totaled N792.58 billion, while foreign VAT payments were N395.74 billion, alongside import VAT which stood at N372.95 billion.
The report further revealed that human health and social work services grew the fastest at 98.44% each quarter, followed by agriculture, forestry, and fishing at 70.26% and water supply, sewerage, waste management, and cleanup at 59.75%.
Household activities as employers, as well as undifferentiated products and services produced by households for personal consumption, had the slowest growth rate at -46.84%, followed by real estate activities at -42.59%.
In terms of sectoral contributions, the top three greatest shares in Q2 2024 were manufacturing (11.78%), information and communication (9.02%), and mining and quarrying (8.79%).
Additionally, VAT receipts in Q2 2024 grew by 99.82% compared to Q2 2023.
With that said, here are the 10 sectors that contributed the most to the country’s VAT payments.
| Rank | Sector | VAT (N’million) |
|---|---|---|
|
1. |
Manufacturing |
N183,888.24 |
|
2. |
Information and Communication |
N140,795.51 |
|
3. |
Mining and Quarrying |
N137,181.75 |
|
4. |
Public Administration and Defense |
N84,882.24 |
|
5. |
Financial and Insurance Activities |
N82,551.96 |
|
6. |
Wholesale and Retail Trade |
N50,035.24 |
|
7. |
Other Service Activities |
N25,971.50 |
|
8. |
Transportation and Storage |
N23,009.53 |
|
9. |
Administrative and Support Service Activities |
N13,286.45 |
|
10. |
Professional, Scientific, and Technical Activities |
N10,393.77 |
