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.

In May 2024, oil production in Nigeria dropped by 30,000 barrels per day (bpd) to 1.25 million bpd, according to OPEC's latest report. This decline puts Nigeria even further behind OPEC's 2024 production quota of 1.38 million bpd and the Federal Government's budgeted benchmark of 1.78 million bpd. This is in addition to the slight drop in the global oil price to $80.96 per barrel, presenting a more challenging situation for the country from both revenue and foreign reserves perspectives.

This snapshot for June 2024 provides trends, and insights on key macroeconomic indicators such as Inflation, foreign reserves, currency in circulation and crude oil prices.

In its latest report, the National Bureau of Statistics (NBS) indicated that the national average cost of a
healthy diet (CoHD) for April 2024 has risen to N1,035 per day, representing a 5.4% increase from N982
recorded in the previous month. The CoHD represents the least expensive combination of locally available food items that meet the global consistent food-based dietary and nutritional guidelines, indicating that an average Nigerian must spend N1,035 daily to maintain a healthy diet.

According to the National Bureau of Statistics (NBS), Nigeria’s Gross Domestic Product (GDP) grew by 2.98 percent in Q1 2024, a decrease of 0.48 percentage points from the 3.46 percent growth rate recorded in Q4 2023. However, it is 0.67 percentage points higher than 2.31 percent growth rate recorded in Q1 2023. At the disaggregated level, in Q1 2024, services accounted for 58.04 percent of the GDP, the agricultural sector accounted for 21.07 percent, and the industrial sector contributed 20.89 percent.