By Tony Obiechina, Abuja
The National Bureau of Statistics (NBS) has said that a total of N4.77tn was realized from Value Added Tax (VAT) on local, foreign, and imported goods and services within the first nine months of this year.
The figure is contained in the VAT sectoral report which was released by the NBS on Monday.
A breakdown of the N4.77tn showed that the sum of N1.43tn was realized in the first quarter of this year.
This rose by N130bn in the second quarter of this year to N1.56tn before hitting the N1.78tn generated in the third quarter of this year.
The N1.78tn generated in the third quarter represents 37.32 per cent of the total N4.77tn realized during the entire nine months period.
On a year-on-year quarterly basis, the VAT increased by 88 per cent compared to the N948bn generated in Q3 2023.
A breakdown of the report revealed that “Local payments recorded were N922.87bn, Foreign VAT Payments were N448.85bn, while import VAT contributed N410.62bn in Q3 2024.
“On a quarter-on-quarter basis, Human health and social work activities recorded the highest growth rate with 250.39 per cent, followed by the Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with 102.09 per cent.
“On the other hand, Water supply, sewerage, waste management and remediation activities had the least growth rate with –41.92 per cent, followed by Activities of extraterritorial organizations and bodies with –36.14 per cent.”
By sectoral contributions, the NBS said the manufacturing industry contributed 22.21 per cent, information and communication by 20.89 per cent, and mining and quarrying activities generated 18.90 per cent of the total sum recorded in Q3, 2024.
By sectoral contributions, the statistics stated that the manufacturing industry contributed 22.21 per cent, information and communication by 20.89 per cent, and mining and quarrying activities generated 18.90 per cent of the total sum recorded in Q3, 2024.
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