- The 2024 appropriation bill estimates the generation of ₦593.1 billion from Value Added Tax (VAT) in 2024.
- The Nigerian government estimates a total revenue of ₦12.7 trillion in 2024, with ₦12.1 trillion coming from the major pool of federation revenue.
- The revenue projection from VAT is around ₦593.1 billion.
- The federal government raised the VAT rate from 5% to 7.5% in February 2020.
- In 2022, Nigeria generated a record high of ₦2.51 trillion from VAT, doubling the amount generated before the VAT rate increase.
- In the first half of 2023, Nigeria generated around ₦1.49 trillion from VAT.
- VAT collection in the second half of 2023 rose by 10% compared to the previous quarter.
Source: africataxreview.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
