The National Bureau of Statistics (NBS) published data on Monday, September 9, 2024, stating that Nigeria's value-added tax (VAT) revenue increased year-on-year by 99.82% year-on-year by 99.82% in the second quarter of 2024.

The NBS report indicates that this increase was mainly driven by local payments that brought in around $484 million, while foreign payments contributed $242 million. For its part, VAT on imports generated $228 million. During the second quarter of 2024, total VAT revenues reached 1.56 trillion naira (approximately $955 million), up 9.11% from the previous quarter. According to the data, “quarter-on-quarter, the health and social action sectors registered the highest growth rate with 98.44%, followed by agriculture, forestry and fisheries with 70.26%, and water supply, sanitation, sanitation, waste management and depollution activities with 59.75%