The National Bureau of Statistics (NBS) says the aggregate value-added tax (VAT) stood at N1.43 trillion in Q1 2024.

This is according to the VAT Q1 2024 Report released on Tuesday.

The report shows a quarter-on-quarter growth rate of 19.21 per cent from N1.20 trillion recorded in Q4 2023.

The report also showed that local payments recorded were N663.18 billion, foreign VAT payments contributed N435.73 billion, and import VAT contributed N332.01 billion in Q1 2024.

The report showed that accommodation and food service activities recorded the highest quarter-on-quarter growth rate, at 59.15 per cent, followed by administrative and support activities, at 47.79 per cent.

On the other hand, activities of extraterritorial organisations and bodies had the lowest growth rate at –57.01 per cent, followed by human health and social work activities at –27.73 per cent.

In terms of sectoral contributions, the report showed that the top three largest shares in Q1 2024 were manufacturing (26.72 per cent), information and communication (17.42 per cent), and mining and quarrying activities (15.42 per cent).

On the other hand, activities of households as employers and undifferentiated goods and services-producing activities of households for own use recorded the least share, at 0.01 per cent.

This was followed by activities of extraterritorial organisations and bodies at 0.03 per cent and water supply, sewerage, waste management and remediation activities at 0.05 per cent.

On a year-on-year basis, the report showed that VAT collections in Q1 2024 increased by 101.65 per cent from Q1 2023.

(NAN)