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Tag: VAT

Business

Manufacturing VAT surges 54.7% to ₦875bn in nine months

Nigeria’s manufacturing sector contributed N875.420 billion to Value Added Tax in the first nine months of 2025. This figure surpassed the N566.011 billion recorded in the corresponding period of 2024 and the N578.394 billion generated throughout the entire 2023 fiscal year. VAT remittances from manufacturers increased by 54.7 per cent year-on-year between January and September […]

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Nigeria’s VAT revenue hit ₦2.28trn in Q3 2025 – NBS

Nigeria’s Value Added Tax collections reached N2.28 trillion in the third quarter of 2025, according to the VAT Q3 2025 report released by the National Bureau of Statistics. The report indicates a 10.66 per cent increase on a quarter-on-quarter basis from N2.06 trillion recorded in Q2 2025. Local VAT payments accounted for N1.12 trillion, foreign […]

featured Finance

No VAT on transfers but bank service fees — NRS

The Nigeria Revenue Service has dismissed reports claiming that Value Added Tax is being charged directly on bank transfers, clarifying that the 7.5 per cent VAT applies only to service fees charged by banks and not to the funds transferred by customers. In a statement issued on Thursday, the revenue agency described recent media reports […]

Fraud losses decline in Nigerian banks in Q1 2024 - Report
Banking featured

Nigerians to pay VAT on bank transfers, USSD from January 19

Nigerians will begin paying a 7.5 per cent Value Added Tax on selected banking services from January 19, 2026, following a new government-backed regulatory directive affecting the financial sector. The new tax regime will apply to certain electronic banking transactions, including mobile bank transfers and Unstructured Supplementary Service Data transactions used widely across the country. […]

Economy featured

VAT collection hits N4.12tr

Revenue generated through Value Added Tax saw a substantial rise in the first half of 2025, reaching N4.12 trillion. This represents a significant 37.7 per cent year-on-year increase from the N2.99 trillion recorded in H1’24, according to figures released by the National Bureau of Statistics. The details were contained in the Q2’25 VAT report, which […]

Business

Bill to add VAT in exclusive list passes second reading

A bill proposing to place Value Added Tax under the Exclusive Legislative List has passed its second reading in the House of Representatives. The legislation is jointly sponsored by Deputy Speaker Benjamin Kalu, along with Chris Nkwonta, Daniel Ago, Nkemkanma Kama, Tolani Shagaya, Alex Egbona, and Joshua Gana. Leading the debate during Wednesday’s plenary, Joshua […]

News

FIRS exempts food, education from value-added tax

Nigeria’s tax landscape is undergoing a historic overhaul, with the Federal Inland Revenue Service exempting food, education, shared transportation, and agriculture from value-added tax. The reforms, described as the most significant fiscal transformation since independence, aim to ease the burden on citizens and businesses while improving government revenue collection. The Executive Chairman of FIRS, Zacch […]

Business featured

Nigeria collects over ₦600bn VAT from Facebook, Amazon, Netflix

The Special Adviser on Tax Policy to the Chairman of the Tax Reforms Committee, Mr Mathew Osanekwu, has revealed that Nigeria has successfully collected over ₦600bn in Value Added Tax from global digital service providers such as Facebook, Amazon, and Netflix. He explained that amendments to the VAT Act had empowered the Federal Inland Revenue […]

News

Nigeria’s VAT revenue rises to N6.72tn, up 84.62%

The Federal Inland Revenue Service has reported a notable increase in Nigeria’s Value Added Tax collections, which surged to N6.72 trillion in 2024, marking an 84.62% year-on-year rise from the N3.64 trillion recorded in the previous year. This update was shared during the 2025 FIRS Management Retreat, where the agency assessed its revenue performance. The […]

Economy

Nigeria earned N2.33tn from VAT, CIT in Q4 2023 – NBS

Nigeria’s economy witnessed a significant influx of revenue from Value Added Tax and Company Income Tax in the fourth quarter of 2023, according to the latest figures released by the National Bureau of Statistics. In the final quarter of the year, the combined VAT and CIT collections amounted to approximately N2.33 trillion, according to nairametrics. […]

Only four Nigeria states attract foreign investment in Q4 - Report
Business

Nigeria’s VAT collection rises 21.34% to N948.07bn in Q3 – Report

Value Added Tax revenue in Nigeria climbed by 21.34% in Q3 2023, from N781.35 billion in the second quarter to N948.07 billion. This is based on the National Bureau of Statistics’ third-quarter Value Added Tax report. In Q3 2023, N522.08 billion was collected in local payments, N204.58 billion in foreign VAT payments, and N221.41 billion from import […]

FIRS begins VAT, WHT compliance monitoring exercise Oct
Business

FIRS begins VAT, WHT compliance monitoring exercise Oct

The Federal Inland Revenue Service has declared that it will begin a countrywide Value-Added Tax and Withholding Tax compliance monitoring exercise for all taxable individuals on October 23. According to Nairametrics, the head of the FIRS, Zacch Adedeji, said the goal of this program, is to increase tax compliance and revenue collection across the country. VAT is a […]

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