Nigeria’s total Value Added Tax (VAT) revenue rose to N1.95 trillion in the final quarter of 2024, with the manufacturing sector emerging as the biggest contributor.
This was revealed in the latest VAT report released by the National Bureau of Statistics (NBS). The data shows a 62.19 percent increase year-on-year, and a 9.23 percent growth compared to the third quarter of 2024 when N1.78 trillion was collected.
According to the NBS, manufacturing accounted for 25.89 percent of the total VAT revenue the highest share by any sector.
Breakdown of the collection showed that domestic VAT payments brought in N917.4 billion, followed by N554.68 billion from non-import foreign VAT, while VAT on imports totalled N474.75 billion.
Three sectors recorded the fastest growth in the quarter. Leading the pack were extraterritorial organisations and bodies, which grew by 180.05 percent. Agriculture, forestry and fishing followed with 70.83 percent, while human health and social work activities rose by 46.13 percent.
After manufacturing, the information and communication sector came second, contributing 16.18 percent to the total VAT pool. Mining and quarrying came third with 15.52 percent.
At the bottom of the table were households producing goods and services for their own use. This category contributed just 0.01 percent. Water supply, sewerage and waste management, alongside extraterritorial bodies, each made up only 0.04 percent.
