From Isaac Anumihe, Abuja

National Bureau of Statistics (NBS) said that the aggregate Value Added Tax (VAT) stood at N1.43 trillion in Q1 2024.

This is contained in its Q1 2024 report which was released on its website in Abuja, yesterday.

The report shows a growth rate of 19.21 per cent on a quarter-on-quarter basis from N1.20 trillion recorded in Q4 2023.

The report also showed that local payments recorded were N663.18 billion, while foreign VAT payments contributed N435.73 billion and import VAT contributed N332.01 billion in Q1 2024.

On a quarter-on-quarter basis, the document showed that accommodation and food service activities recorded the highest growth rate at 59.15 per cent, followed by the activities of administrative and support at 47.79 per cent .

“On the other hand, activities of extraterritorial organisations and bodies had the lowest growth rate at –57.01 per cent, followed by human health and social work activities at –27.73 per cent.” it said.

In terms of sectoral contributions, the report showed that the top three largest shares in Q1 2024 were manufacturing at 26.72 per cent, information and communication at 17.42 per cent and mining and quarrying activities at 15.42 per cent .

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“On the other hand, activities of households as employers, undifferentiated goods and services-producing activities of households for own use recorded the least share at 0.01 per cent.

“This was followed by activities of extraterritorial organisations and bodies at 0.03 per cent, and water supply, sewerage, waste management and remediation activities at 0.05 per cent.

On a year-on-year basis, it showed that VAT collections in Q1 2024, increased by 101.65 per cent from Q1 2023.

Recall that Value Added Tax for Q4 2023 was N1.20 trillion, showing a growth rate of 26.61 per cent on a quarter-on-quarter basis from N948.07 billion in Q3 2023.

But the Company Income Tax (CIT) for Q4 2023 dropped to N1.13 trillion from N1.75 trillion in Q3 2023.

Local payments recorded were N630.00 billion while foreign VAT payments were N326.27 billion.

Also, distribution of VAT data for Q1 2020 reflected that the sum of N338.94 billion was
generated as VAT in Q1 2020 as against N308.48 billion generated in Q4 2019 and N293.04 billion generated in
Q1 2019 representing 9.87 per cent increase quarter-on-quarter and 15.66 per cent increase year-on-year. ENDS

 


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