Nigeria’s VAT revenue hits N1.78 trillion in Q3 2024, up 14.16% Quarter-on-Quarter 

Nigeria’s Value Added Tax (VAT) revenue for Q3 2024 hits N1,782,345,123,638.40 in the third quarter of 2024.

This is according to the latest report from the National Bureau of Statistics (NBS).

This figure represents a significant 14.16% quarter-on-quarter growth compared to the N1.56 trillion generated in Q2 2024.

“Value Added Tax (VAT) for Q3 2024 was reported at N 1,782,345,123,638.40, showing a growth rate of 14.16% on a quarter-on-quarter basis from N1.56 trillion in Q2 2024. Local payments recorded were N922.87 billion, Foreign VAT Payments were N448.85 billion, while import VAT contributed N410.62 billion in Q3 2024,” the agency says.

Breaking down the sources of VAT, local payments accounted for N922.87 billion, making up the largest portion of the total revenue. Foreign VAT payments contributed N448.85 billion, while import VAT added another N410.62 billion to the total. These figures highlight the robust contribution of both domestic and international transactions to…