VAT revenue surges 84% to ₦6.72tn in 2024— NBS

Nigerias Value Added Tax (VAT) collections jumped by 84.6% year-on-year (YoY) to 6.72 trillion in 2024, up from 3.64 trillion in 2023, according to the National Bureau of Statistics (NBS).Quarterly data from the NBS VAT report shows sustained growth throughout the year:Q1 2024: 1.43 trillionQ2 2024: 1.56 trillion up 9.09% from Q1Q3 2024: 1.78 trillion up 14% from Q2Q4 2024: 1.95 trillion up 9.5% from Q3In its Q4 2024 VAT report released yesterday, the NBS said domestic VAT payments accounted for 917.40 billion, non-import foreign VAT payments for 554.68 billion, and import VAT for 474.75 billion.Fastest-growing sectors (QoQ, Q4 2024)  include:Extraterritorial organisations & bodies: +180.05%Agriculture, forestry & fishing: +70.83%Human health & social work: +46.13%Largest contractions include: Households as employers and self-use production: -28.97% and Information & communication: -23%.The strong performance reflects both increased economic activity in certain sectors and improved tax collection efforts. The post VAT revenue surges 84% to 6.72tn in 2024NBS appeared first on Linda Ikeji Blog.