The country’s Value Added Tax (VAT) collection rose by 19.21% a quarter-on-quarter basis to N1.43 trillion in Q1-2024 from N1.20 trillion, reflecting enhanced tax administration, expanded tax base and compliance.
According to the National Bureau of Statistics (NBS) data released today, Local Payments at N663.18 billion. Also, Foreign VAT Payments was reported at N435.73 billion while import VAT contributed N332.01 billion in Q1 2024.
According to the NBS data, on a quarter-on-quarter basis, accommodation and food service activities recorded the highest growth rate with 59.15%, followed by the activities of administrative and support with 47.79%.
Activities of extraterritorial organizations and bodies had the lowest growth rate with –57.01%, followed by Human health and social work activities with –27.73%.
In terms of sectoral contributions, the top three largest shares in Q1 2024 were Manufacturing with 26.72%; Information and Communication with 17.42%; and Mining & Quarrying activities with 15.42%.
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 0.03% and water supply, sewerage, waste management, and remediation activities with 0.05%.
However, on a year-on-year basis, VAT collections in Q1 2024 increased by 101.65% from Q1 2023.
Meanwhile, Company Income Tax (CIT) for Q1 2024 was reported at N984.61 billion, indicating a growth rate of –12.87% on a quarter-on-quarter basis from N1.13 trillion in Q4 2023.
Local payments received were N386.49 billion, while Foreign CIT Payment contributed N598.13 billion in Q1 2024.
Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the highest growth rate with 330.42%, followed by Administrative and support service activities with 33.18%, according to the NBS data.
Activities of Manufacturing had the lowest growth rate with –70.24%, followed by Electricity, gas, steam and air conditioning supply with –69.14%.
In terms of sectoral contributions, the top three largest shares in Q1 2024were Mining and quarrying with 20.94%; Financial and insurance activities with 18.73%; and Information and communication with 12.56%.
NBS said the Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.02%.
This followed by Water supply, sewerage, waste management, and remediation activities with 0.07% and Activities of extraterritorial organizations and bodies with 0.24%. However, on a year-on-year basis, CIT collections in Q1 2024 increased by 109.93% from Q1 2023.
