Abuja, Nigeria — The National Bureau of Statistics (NBS) has reported a significant 84.6 percent year-on-year increase in Value Added Tax (VAT) revenue, which rose to N6.72 trillion in 2024 from N3.64 trillion in 2023.
Quarter-on-quarter data from the NBS VAT report reveals steady growth throughout 2024. VAT collections grew by 9.09 percent from N1.43 trillion in Q1 to N1.56 trillion in Q2. The upward momentum continued with revenue increasing 14 percent to N1.78 trillion in Q3, and further rising by 9.5 percent to N1.95 trillion in Q4.
According to the Q4 2024 VAT report released by NBS, domestic VAT payments amounted to N917.40 billion, non-import foreign VAT payments contributed N554.68 billion, and import VAT generated N474.75 billion during the quarter.
The report highlighted sectoral performance on a quarterly basis, noting that extraterritorial organisations and bodies recorded the highest growth rate at 180.05 percent, followed by agriculture, forestry, and fishing at 70.83 percent, and human health and social work activities at 46.13 percent.
Conversely, certain sectors experienced contractions in VAT remittance. Activities of households as employers and undifferentiated goods- and services-producing activities of households for own use declined by 28.97 percent, while the information and communication sector shrank by 23 percent.
The sustained increase in VAT revenue underscores the government’s efforts to boost non-oil revenue sources and improve tax collection efficiency across diverse economic sectors.
By Taiwo Olatinwo | August 11, 2025
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