- Nigeria’s VAT revenue reached ₦6.72 trillion in 2024, an 84.6% increase from 2023.
- The rise is due to stronger economic activity and improved tax collection.
- VAT revenue grew consistently throughout 2024, with Q1 at ₦1.43 trillion, Q2 at ₦1.56 trillion, Q3 at ₦1.78 trillion, and Q4 at ₦1.95 trillion.
- In Q4, domestic VAT was ₦917.40 billion, non-import foreign VAT was ₦554.68 billion, and import VAT was ₦474.75 billion.
- Domestic VAT was the largest source, indicating strong local business activity.
- Significant growth in Q4 was seen in extraterritorial organisations, agriculture, and health sectors.
- Declines were noted in households as employers and the information and communication sector.
- The VAT revenue surge suggests a positive fiscal outlook for Nigeria, impacting budget planning and infrastructure investment.
Source: nigeriacommunicationsweek.com.ng
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.
