Nigeria’s Value Added Tax (VAT) collections jumped by 84.6% year-on-year (YoY) to ₦6.72 trillion in 2024, up from ₦3.64 trillion in 2023, according to the National Bureau of Statistics (NBS).

Quarterly data from the NBS VAT report shows sustained growth throughout the year:

Q1 2024: ₦1.43 trillion

Q2 2024: ₦1.56 trillion — up 9.09% from Q1

Q3 2024: ₦1.78 trillion — up 14% from Q2

Q4 2024: ₦1.95 trillion — up 9.5% from Q3

In its Q4 2024 VAT report released yesterday, the NBS said domestic VAT payments accounted for ₦917.40 billion, non-import foreign VAT payments for ₦554.68 billion, and import VAT for ₦474.75 billion.

Fastest-growing sectors (QoQ, Q4 2024) include:

Extraterritorial organisations & bodies: +180.05%

Agriculture, forestry & fishing: +70.83%

Human health & social work: +46.13%

Largest contractions include: Households as employers and self-use production: -28.97% and Information & communication: -23%.

The strong performance reflects both increased economic activity in certain sectors and improved tax collection efforts.