Nigeria recorded an aggregate value-added tax (VAT) revenue of N1.95 trillion in the fourth quarter of 2024, a report by the National Bureau of Statistics (NBS) has said.

The Q4 VAT revenue is an increase of 62.19 per cent on a year-on-year basis.

However, on a quarter-on-quarter basis, the increase was 9.23 per cent over the N1.78 trillion that was generated in the third quarter of 2024.

The report said the manufacturing sector made the highest contribution, accounting for 25.89 per cent of the total figure.

According to the report, domestic payments recorded the highest contribution with N917.4 billion, while non-import foreign VAT payments were N554.68 billion, with import VAT contributing N474.75 billion during the quarter.

On a quarter-on-quarter basis, activities of extraterritorial organisations and bodies recorded the highest growth rate with 180.05 per cent, followed by agriculture, forestry and fishing (70.83 per cent) and Human health and social work activities with a growth rate of 46.13 per cent.

In terms of sectoral contributions, information and communication with 16.18 per cent and Mining and quarrying with 15.52 per cent joined manufacturing as the second and third top performers.

The report said the least contributing activity during the quarter was households as employers, undifferentiated goods and services-producing activities of households for own use, which recorded 0.01 per cent.

It was followed by activities of extraterritorial organisations and bodies and water supply, sewerage and waste management, with 0.04 per cent contribution each.