Q3 2024 Value Added Tax Report
Document, PDF [application/pdf]
On the aggregate, Value Added Tax (VAT) for Q3 2024 was reported at N1.78 trillion, showing a growth rate of 14.16% on a quarter-on-quarter basis from N1.56 trillion in Q2 2024. Local payments recorded were N922.87 billion, Foreign VAT Payments were N448.85 billion, while import VAT contributed N410.62 billion in Q3 2024.
On a quarter-on-quarter basis, Human heath and social work activities recorded the highest growth rate with 250.39%, followed by the Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with 102.09%. On the other hand, Water supply, sewerage, waste management and remediation activities
had the least growth rate with –41.92%, followed by Activities of extraterritorial organizations and bodies with –36.14%.
In terms of sectoral contributions, the top three largest shares in Q3 2024 were Manufacturing with 22.21%; Information and Communication with 20.89%; and Mining & Quarrying activities with 18.90%. Nevertheless, Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01%, followed by Activities of extraterritorial organizations and bodies with 0.01% and Water supply, sewerage, waste management, and remediation activities with 0.03%. However, on a year-on-year basis, VAT collections in Q3 2024 increased by 88.00% from Q3 2023.
