The Federal Inland Revenue Service (FIRS) has reported a substantial rise in Nigeria’s Value Added Tax (VAT) collections, which reached N6.72 trillion in 2024, reflecting a 84.62% year-on-year (YoY) increase compared to N3.64 trillion recorded the previous year.
This was disclosed at the 2025 FIRS Management Retreat on Thursday, where the agency reviewed its revenue performance.
According to the data presented by Amina Ado, Coordinating Director, Large Taxpayers Group, VAT collections in 2024 demonstrated remarkable growth across both import and non-import categories.
Surge in tax revenue across categories
The latest figures indicate that all tax categories recorded significant growth in 2024 compared to 2023, with non-oil taxes driving the majority of the increase.
- Non-import VAT, which stood at N2.93 trillion in 2023, rose by 75.09% to N5.13 trillion in 2024.
- Similarly, import VAT more than doubled, increasing from N715 billion to N1.59 trillion, representing a 122.38%…
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