- Nigeria Customs Service has stopped collecting import VAT; the Nigeria Revenue Service (NRS) is now the sole VAT administrator as of January 1, 2026.
- The reform centralizes tax collection, improves efficiency, and eliminates duplication, with NRS overseeing all federally accruable taxes.
- VAT revenue surged to ₦1.08 trillion in January 2026, an 18.5% increase from December, due to better enforcement and expanded tax coverage.
- The VAT rate remains at 7.5%, but reforms broaden input VAT claims and adjust taxable items to support businesses and households.
- States’ share of VAT revenue increased to 55%, while the Federal Government’s share dropped to 10%, under a new revenue-sharing formula.
Source: zawya.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.
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