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Nigeria’s VAT Revenue Hits N1.78 Trillion in Q3 2024, NBS Reports

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National Bureau of Statistics (NBS) has announced that Nigeria generated N1.78 trillion in value-added tax (VAT) revenue during the third quarter (Q3) of 2024, representing a 14.16 percent increase compared to the N1.56 trillion collected in the second quarter (Q2) of the same year.

The report highlights a significant year-on-year growth, with Q3 2024 VAT revenue showing an 88 percent increase from the N948 billion recorded in Q3 2023. VAT, a consumption tax managed by the Federal Inland Revenue Service (FIRS), is distributed among the three tiers of government through the Federation Accounts Allocation Committee (FAAC).

“On the aggregate, Value Added Tax (VAT) for Q3 2024 was reported at N1.78 trillion, showing a growth rate of 14.16% on a quarter-on-quarter basis from N1.56 trillion in Q2 2024,” the NBS stated.

According to the breakdown, local VAT payments accounted for N922.87 billion, foreign VAT payments contributed N448.85 billion, and import VAT totaled N410.62 billion in Q3 2024.

The report also noted variations in growth rates among sectors. “On a quarter-on-quarter basis, Human health and social work activities recorded the highest growth rate with 250.39%, followed by the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with 102.09%,” NBS said.

Conversely, some sectors experienced declines. “Water supply, sewerage, waste management, and remediation activities had the least growth rate with –41.92%, followed by activities of extraterritorial organizations and bodies with –36.14%.”

In terms of sectoral contributions, manufacturing led with 22.21 percent, followed by information and communication with 20.89 percent, and mining and quarrying activities at 18.90 percent. On the lower end, activities of households as employers and extraterritorial organizations each contributed 0.01 percent, while water supply, sewerage, waste management, and remediation activities accounted for 0.03 percent.


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E-Business

Konga Jara Brings Joy to Shoppers with Up to 50 Percent Discounts

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Konga’s annual Jara campaign has sparked excitement among Nigerian shoppers, offering timely discounts of up to 50% across various product categories.

Konga Jara Brings Joy to Shoppers with Up to 50 Percent Discounts

The initiative, themed “Confam New Year Deals,” has emerged as a vital lifeline for consumers navigating the financial challenges typical of January.

Market analysis shows a significant surge in essential household purchases, with electronics, home appliances, and FMCG items leading the sales charts.

Data from the first two weeks of the campaign reveals that home appliances and electronics account for 45% of total sales. Groceries and FMCG follow closely at 30%, while fashion and lifestyle products make up 25% of purchases.

“Konga Jara couldn’t have come at a better time,” says Mrs. Folake Adeyemi, a Lagos-based civil servant.

“With school fees and other January commitments, the discounts on groceries have helped me maintain our family’s standard of living without breaking the bank.”

Similarly, Mr. Chidubem Okafor, a small business owner in Abuja, notes, “I’ve been able to restock my shop with quality products at much lower prices. The authenticity of products on Konga gives me confidence in my purchases.”

The campaign’s success reflects growing consumer trust in online shopping platforms that prioritize genuine products and competitive pricing.

Shoppers have particularly appreciated the convenience of accessing these deals both online at www.konga.com and offline across Konga’s nationwide retail stores.

Beyond mere discounts, the initiative demonstrates Konga’s understanding of the Nigerian consumer’s needs, especially during traditionally challenging financial periods.

The combination of competitive pricing, product authenticity, and accessible shopping channels has created a winning formula for both the business and its customers.

As the campaign continues, shoppers are encouraged to take advantage of these substantial savings across all categories.

Whether shopping for household essentials, electronics, or fashion items, Konga Jara offers an opportunity to make significant savings while ensuring access to genuine, high-quality products through Nigeria’s trusted e-commerce platform.

 

 

 


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NOA Launches Nigeria’s General Multipurpose National Identity Card

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National Orientation Agency (NOA) has officially unveiled details about Nigeria’s upcoming General Multipurpose National Identity Card (GMPC).

NOA Launches Nigeria’s General Multipurpose National Identity Card

This innovative initiative aims to consolidate identification documents, improve financial accessibility, and streamline government and private sector services for Nigerian citizens.

Key Features of the GMPC

Unified Identification:

The GMPC will replace multiple identity documents, serving as a comprehensive form of identification for Nigerians.

This will reduce the burden of carrying multiple cards and simplify access to services.

Financial Integration:

In collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBSS), the GMPC will allow users to conduct financial transactions directly through the card. It will act as both an ID and a payment tool.

AFRIGO Support:

The GMPC will operate under the AFRIGO card scheme, Nigeria’s domestic payment system.

This move aims to promote the use of locally developed financial infrastructure and reduce dependency on foreign systems.

How to Apply

Citizens can apply for the GMPC through several channels:

Online Portal: Applicants can initiate the process online via a self-service portal.

NIMC Offices: Physical applications will be accepted at National Identity Management Commission (NIMC) offices across the country.

Banks: Selected banks will also facilitate applications, allowing individuals to apply directly through their financial institutions.

Applicants will need to provide their National Identification Number (NIN) as part of the application.

Once processed, the GMPC will be issued through the applicant’s chosen bank, similar to how debit and credit cards are distributed.

Cardholders can collect their GMPC at designated collection points or opt for home delivery at an additional fee.

The General Multipurpose National Identity Card (GMPC) is expected to revolutionise identification and service delivery in Nigeria.

It will provide secure, multi-purpose access to financial, governmental, and private sector services.

Additionally, the card is poised to enhance financial inclusion by bridging gaps for underserved communities.

The new identity card is part of the government’s broader effort to embrace digital transformation.

By consolidating identification and financial services into a single platform, the GMPC aligns with the country’s drive toward technological advancement and efficient service delivery.

The NOA has urged all eligible citizens to stay informed about the application process and prepare to leverage the benefits of the GMPC once it becomes available.

This initiative underscores the government’s commitment to modernising administrative systems and improving the quality of life for Nigerians.

 

 

 


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US Supreme Court Upholds Law Banning TikTok

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The United States Supreme Court has upheld a law seeking to ban TikTok in the United States.

US Supreme Court Upholds Law Banning TikTok

The court ruled that the law does not infringe upon free speech rights, citing the US government’s legitimate national security concerns about the Chinese ownership of the app.

Last week, the Supreme Court listened to the arguments from ByteDance, TikTok’s parent company, claiming the law violated free speech.

“There is no doubt that TikTok provides a unique platform for expression, engagement, and community to over 170 million Americans,” the justices stated.

With this decision, the ban set for Sunday remains in place, despite calls from lawmakers and officials across the political spectrum for a delay.

Last year, Congress passed a law requiring ByteDance to sell TikTok or shut it down in the US by January 19, reflecting widespread concerns in Washington that the app could be exploited by China for espionage or propaganda.

On Friday, White House officials informed the media that the ban would not be enforced, leaving the final decision to President-elect Donald Trump, who assumes office the next day.

In December 2024, TikTok asked the US Supreme Court to temporarily block a law that would force its Chinese owner to sell the popular video-sharing platform or shut it down by January 19.

The appeal came the same day TikTok, Shou Zi Chew, CEO, met with US President-elect Donald Trump.

 

 

 


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