Revenue generated from Value Added Tax, VAT, rose by 84.6 per cent year-on-year, YoY, to N6.72 trillion in 2024 from N3.64 trillion in 2023.

A Quarter-on-Quarter (QoQ) details of data from the National Bureau of Statistics, NBS, VAT report for the review period showed that VAT revenue grew by 9.09 percent to N1.56 trillion in Q2’24 from N1.43 trillion in Q1’24.

The upward trend continued in Q3’24 in which revenue rose by 14 percent to N1.78 trillion and up by 9.5 percent to N1.95 trillion in Q4’24.

In its VAT report for Q4’24, released yesterday,  NBS said: “On aggregate, VAT for Q4’24 was reported at N1.95 trillion, showing a growth rate of 9.5 percent on a quarter-on-quarter (QoQ) basis from N1.78 trillion in Q3’24.

“Domestic payments were N917.40 billion, Non-import foreign VAT Payments were N554.68 billion, while import VAT contributed N474.75 billion in Q4’24.

“On a QoQ basis, activities of extraterritorial organizations and bodies recorded the highest growth rate with 180.05 percent, followed by agriculture, forestry and fishing with 70.83 percent, and human health and social work activities with 46.13 percent.

“On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use contracted by 28.97 percent, followed by information and communication with 23 percent.”