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)
Related
Nigeria Economic Update (Issue 48)
Crude
oil price decreased in the review week. OPEC weekly basket price reduced by 3.5
percent to $42.06per barrel from November 4, 2016 to November 11,
2016, while Nigerias bonny light price decreased by 1.1 percent to $44.36per barrel in the same period. Global oil market refocused on oversupply, as
indicated in the OPECs October crude data figures (global OPEC and Non-OPEC
oil supply grew by 0.97mb/day to average 96.32mb/day and outpaced demand by
1.92mb/day).