- Nigeria’s VAT Revenue Surges to N1.78 Trillion in Q3
- Local VAT Payments Lead Revenue Growth
- Human Health Sector Records 250% Growth
Nigeria’s Value Added Tax (VAT) revenue reached N1.78 trillion in Q3 2024, marking a 14.16% quarter-on-quarter growth from the N1.56 trillion recorded in Q2, according to the National Bureau of Statistics (NBS).
Local VAT payments accounted for the largest share, contributing N922.87 billion, while foreign VAT payments added N448.85 billion. Import VAT rounded off the total with N410.62 billion, highlighting robust contributions from domestic and international transactions.
Sectoral Performance
The Human health and social work activities sector led growth, surging 250.39%, followed by household activities, which grew by 102.09%. In contrast, sectors like Water supply and waste management saw a significant decline of -41.92%, signaling sector-specific challenges.
Top Contributors
Manufacturing, Information and Communication, and Mining & Quarrying dominated VAT contributions, accounting for 22.21%, 20.89%, and 18.90% of total revenue, respectively.
Key Insights
This impressive VAT revenue growth underscores its role as a cornerstone of Nigeria’s non-oil revenue stream. As the government enforces policies to diversify the economy and improve tax compliance, VAT collections are poised to maintain upward momentum.
