Nigeria’s Value Added Tax (VAT) revenue surged by 84.6% year-on-year to ₦6.72 trillion in 2024, rising from ₦3.64 trillion in 2023, according to fresh data from the National Bureau of Statistics (NBS).
Quarterly figures from the NBS report show consistent growth across the year:
Q1 2024: ₦1.43 trillion
Q2 2024: ₦1.56 trillion — up 9.09% from Q1
Q3 2024: ₦1.78 trillion — up 14% from Q2
Q4 2024: ₦1.95 trillion — up 9.5% from Q3
In its Q4 2024 breakdown, the NBS revealed that domestic VAT payments contributed ₦917.40 billion, non-import foreign VAT payments ₦554.68 billion, and import VAT ₦474.75 billion.
Sectors recording the highest quarter-on-quarter growth in Q4 included:
Extraterritorial organisations & bodies: +180.05%
Agriculture, forestry & fishing: +70.83%
Human health & social work: +46.13%
Meanwhile, the steepest declines came from:
Households as employers and self-use production: -28.97%
Information & communication: -23%
The NBS attributed the impressive performance to stronger economic activity in select industries alongside enhanced tax compliance and collection measures.
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