BUSINESS DAY
The Federal Inland Revenue Service (FIRS) recently released data on Value Added Tax (VAT) generated across Nigeria’s states and the Federal Capital Territory (FCT) for August 2024, totaling N444.19 billion.
VAT is a consumption tax levied on goods and services at each stage of production or distribution. It is paid by consumers but collected by businesses and remitted to the government. The FIRS oversees VAT collection in Nigeria, ensuring compliance and generating revenue critical for national development.
VAT is charged on taxable goods and services at a standard rate of 7.5%. Businesses collect this tax from consumers at the point of sale and remit it to the FIRS monthly. The revenue is then shared among the federal, state, and local governments.
Here is a breakdown of VAT generated in states and FCT across Nigeria in August 2024:
1. Lagos: N249.77bn
2. Rivers: N70.54bn
3. Oyo: N20.11bn
4. FCT: N18.17bn
5. Delta: N13.09bn
6. Bayelsa: N7.12bn
7. Kano: N4.65bn
8. Akwa Ibom: N4.49bn
9. Anambra: N4.28bn
10. Edo: N4.05bn
11. Ekiti: N3.66bn
12. Borno: N3bn
13. Kwara: N2.89bn
14. Adamawa: N2.59bn
15. Plateau: N2.58bn
16. Benue: N2.56bn
17. Gombe: N2.55bn
18. Kogi: N2.43bn
19. Kaduna: N2.03bn
20. Ebonyi: N1.90bn
21. Taraba: N1.88bn
22. Sokoto: N1.84bn
23. Osun: N1.81bn
24. Ogun: N1.74bn
25. Niger: N1.73bn
26. Yobe: N1.71bn
27. Katsina: N1.68bn
28. Jigawa: N1.59bn
29. Nasawawa: N1.47bn
30. Ondo: N1.45bn
31. Enugu: N1.08bn
32. Cross River: N1.08bn
33. Bauchi: N691.28m
34. Kebbi: N665.17m
35. Abia: N663.42m
36. Zamfara: N432.80m
37. Imo: N235.41m
Total: N444.19bn
THIS STORY FIRST APPEARED IN BUSINESS DAY
