Abdulwahab Isa 
The Federal Government’s aggregate receipt from Value Added Tax (VAT) stood at N1.56 trillion in Q2’24, indicating a growth rate of 9.11 per cent on a quarter-on-quarter basis from N1.43 trillion in Q1’24, according to VAT revenue report from the National Bureau of Statistics NBS.
Manufacturing, Information and Communication ranked top in the contribution, recording 11.78 per cent; information and communication with 9.02 per cent and Mining and quarrying with 8.79 per cent respectively.
Of the amount, local payments recorded was N792.58 billion, Foreign VAT Payments N395.74 billion, while import contributed N372.95 billion in Q2’24.
On a quarter-on-quarter basis, human health and social work activities recorded the highest growth rate with 98.44 per cent, followed by agriculture, forestry and fishing with 70.26 per cent, and water supply, sewerage, waste management and remediation activities with 59.75 per cent.
Households activities such as employers, undifferentiated goods and services-producing activities of households for own use had the lowest growth rate with –46.84 per cent, followed by real estate activities with –42.59 per cent.
According to NBS, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00 percent, followed by activities of extraterritorial organisations and bodies with 0.01 per cent; and Water supply, sewerage, waste management and remediation activities with and Real Estate Services 0.04 per cent each.
On a year-on-year basis, VAT collections in Q2’24 increased by 99.82 per cent from Q2’23. Similarly, in the quarter under review (Q2’24) the Federal Government collected N2.47 trillion aggregate as Company Income Tax (CIT).
