The latest report from the National Bureau of Statistics (NBS) reveals a substantial increase in Nigeria’s Value Added Tax (VAT) collection, reflecting a surge from N1.20 trillion in Q4 2023 to N1.43 trillion in the first three months of 2024, marking a 19.21% quarter-on-quarter rise.<\/p>\n
This remarkable growth is attributed to various factors, including Nigeria’s 7.5% VAT rate on specific goods and services. Comparing with the corresponding quarter of 2023, the VAT collection soared from N709.59 billion to its current figure, marking an impressive year-on-year increase of 101.52%.<\/p>\n
Breaking down the Q1 2024 figures, local payments amounted to N663.18 billion, foreign VAT payments stood at N435.73 billion, and import VAT contributed N332.01 billion. Notably, local VAT payments witnessed a modest increase of 5.27% compared to Q4 2023 figures.<\/p>\n
However, foreign VAT collection saw a substantial quarter-on-quarter increase of 33.55%, while on a year-on-year basis, it surged by an impressive 188.32%. The Nigeria Customs Service (NCS) import VAT also witnessed a significant rise of 36.05% between Q4 2023 and Q1 2024, soaring from N244.04 billion to N332.00 billion. Compared to the corresponding quarter of 2023, this marked an increase of 171.31%.<\/p>\n
The surge in foreign VAT and NCS import VAT collection is attributed to the weakening of the naira against the dollar. During the quarter, the exchange rate rose from N907\/$ to N1306\/$ and peaked at around N1600 to the USD on the official market.<\/p>\n
Looking across sectors, the report highlights notable growth rates, with accommodation and food service activities recording the highest quarter-on-quarter growth rate of 59.15%, followed by administrative and support activities at 47.79%. However, extraterritorial organizations and bodies witnessed the lowest growth rates at -57.01%, followed by human health and social work activities at -27.73%.<\/p>\n","protected":false},"excerpt":{"rendered":"
The latest report from the National Bureau of Statistics (NBS) reveals a substantial increase in Nigeria’s Value Added Tax (VAT) collection, reflecting a surge from N1.20 trillion in Q4 2023 to N1.43 trillion in the first three months of 2024, marking a 19.21% quarter-on-quarter rise. This remarkable growth is attributed to various factors, including Nigeria’s […]<\/p>\n","protected":false},"author":27,"featured_media":34530,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-34529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/34529","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=34529"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/34529\/revisions"}],"predecessor-version":[{"id":34533,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/34529\/revisions\/34533"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/34530"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=34529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=34529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=34529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}