The National Bureau of Statistics (NBS) has released its report for Q2 2024, revealing a significant increase in revenue from Value Added Tax (VAT) and Company Income Tax (CIT).

The combined revenue from VAT and CIT rose by 85% year-on-year to N6.44 trillion in the first half of 2024, up from N3.48 trillion in H1 2023.

VAT revenue surged by 100.6% year-on-year to N2.99 trillion in H1 2024, while CIT revenue increased by 73.3% year-on-year to N3.45 trillion in H1 2024.

On a quarter-on-quarter basis, VAT revenue grew by 9.11% to N1.56 trillion in Q2 2024, with local payments recording N792.58 billion, foreign VAT payments contributing N395.74 billion, and import VAT adding N372.95 billion.

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The highest growth rate in VAT revenue was recorded in human health and social work activities, with a 98.4% increase, followed by agriculture, forestry, and fishing with a 70.26% increase.

In terms of sectoral contributions, manufacturing led with an 11.78% share, followed by information and communication with a 9.02% share, and mining and quarrying with an 8.79% share.

CIT revenue also saw a significant increase, growing by 150.83% quarter-on-quarter to N2.47 trillion in Q2 2024. Local payments received were N1.35 trillion, while foreign CIT payments contributed N1.12 trillion.

Agriculture, forestry, and fishing recorded the highest growth rate in CIT revenue, with a 474.5% increase, followed by financial and insurance activities with a 429.76% increase, and manufacturing with a 414.15% increase.

The top three sectoral contributors to CIT revenue were financial and insurance activities with a 15.53% share, manufacturing with an 8.99% share, and information and communication with a 7.84% share.