In Q2 2024, Nigeria’s Value Added Tax (VAT) receipts rose to N1.56 trillion, representing a significant 99.82% year-on-year growth from the same period in 2023, according to the Nigeria Bureau of Statistics (NBS). The latest data also showed a 9.11% increase quarter-on-quarter, up from N1.43 trillion in Q1 2024.
The largest share of VAT revenue came from local VAT payments (N792.58 billion), followed by foreign VAT payments (N395.74 billion) and import VAT contributions (N372.95 billion). The strongest sectoral growth rates were seen in human health and social work (+98.44%), agriculture, forestry, and fishing (+70.26%), and water supply, sewerage, and waste management (+59.75%).
Top sectoral contributors to VAT in Q2 2024 were manufacturing (11.78%), information and communication (9.02%), and mining and quarrying (8.79%), while household activities recorded the lowest growth rates.
