The Value Added Tax (VAT) for the second quarter of 2024 has reportedly reached N1.56 trillion, reflecting a quarter-on-quarter growth rate of 9.11% compared to N1.43 trillion in the first quarter of 2024.
In the second quarter of 2024;
Domestic payments amounted to N792.58 billion
foreign VAT payments totaled N395.74 billion
Import VAT contributed N372.95 billion.
In terms of quarter-on-quarter growth, the sector of human health and social work activities saw the most significant increase at 98.44%.
This was closely followed by agriculture, forestry, and fishing, which experienced a growth rate of 70.26%, along with water supply, sewerage, waste management, and remediation activities, which grew by 59.75%.
Source: NBS
