According to the National Bureau of Statistics (NBS) report on value-added tax (VAT), in Q1 2024,
Nigeria realised N1.43 trillion in revenue from VAT,representing a quarter-on-quarter growth rate of 19.21% from N1.20 trillion recorded in Q4 2023. Year-on-year, VAT doubled from N709.6 billion in Q1 2023,highlighting significant tax revenue growth, which indicates a rebound in economic activities. Also, the growth suggests expansion in VAT collection and an increase in the average prices of goods and services.
June 26, 2024
Nigeria Economic Update (Issue 23)
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Nigeria Economic Review
This report provides a concise and timely analytical
overview of key aspects of the Nigerian economy. The report is an attempt to
track the developments in the relevant aspects of the economy over a
three-month period. It provides valuable insights into potential drivers of the
economic trends and outlines expectations for subsequent quarters of the year.
The areas of focus are Global Economic Performance, Domestic Economic
Performance, External Sector Performance, and Sectoral Performance.