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Tag: VAT

featured Finance

Oyedele inaugurates committee to draft new VAT order

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has inaugurated an Inter-Ministerial Committee to develop a new Value Added Tax Modification Order 2026 to support the implementation of Nigeria’s recently enacted Tax Reform Acts. According to a statement from the Finance Ministry, the committee, inaugurated on Friday in Abuja, has been […]

featured Finance

States’ VAT allocation rises to ₦2.37tn in H1 2026

State governments received N2.37tn from Value Added Tax revenue generated in the first half of 2026, representing an increase of N451.25bn compared with the corresponding period of 2025, an analysis by The PUNCH has shown. The figure indicates that states’ VAT allocation rose by 23.48 per cent from N1.92tn in the first six months of […]

featured Finance

Reps recover over ₦521m in unremitted VAT from CBN

The House of Representatives Public Accounts Committee has recovered ₦521,765,134.17 in unremitted Value Added Tax from the Central Bank of Nigeria following its ongoing investigation into alleged revenue leakages and outstanding liabilities owed to the Federal Government. The recovery is part of an inquiry initiated by the House following a motion titled “Investigation of Revenue […]

Finance

Nigeria VAT collections dropped to ₦2.19trn in Q4 2025 — NBS

Nigeria’s Value Added Tax collections stood at N2.19 trillion in the fourth quarter of 2025, representing a 3.78 per cent decline from the N2.28 trillion recorded in the third quarter. Despite the quarter-on-quarter dip, the figure reflects a 12.84 per cent year-on-year increase, demonstrating continued growth in taxable economic activities. The data, released by the […]

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 […]

featured Finance

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 […]

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