Nigeria’s VAT surged by 84.62% to N6.72trn in 2024 — FIRS

Nigeria’s Value Added Tax, VAT, collections rose by 84.62 per cent to hit N6.72 trillion in 2024.

The Federal Inland Revenue Service, FIRS, disclosed this in a management retreat on Thursday.

The collection feat reflects an 84.62 per cent year-on-year, YoY, increase compared to N3.64 trillion recorded the previous year.

According to the data presented by FIRS Coordinating Director, Large Taxpayers Group, Amina Ado, the 2024 VAT collection demonstrated remarkable growth across both import and non-import categories.

Non-import VAT, which stood at N2.93 trillion in 2023, rose by 75.09 per cent to N5.13 trillion in 2024.

Similarly, import VAT more than doubled, increasing from N715 billion to N1.59 trillion, representing a 122.38 per cent growth.

Company Income Tax, CIT, also recorded a 102.5 per cent rise, climbing from N3.35 trillion in 2023 to N6.78 trillion in 2024.

Meanwhile, the Petroleum Profit Tax, Hydrocarbon Tax, and Upstream CIT segment saw a 35.2 per cent growth, increasing from N4.26 trillion to N5.76 trillion.

Education Tax posted the highest YoY percentage growth, surging by 127.8 per cent, from N719 billion in 2023 to N1.64 trillion in 2024.

Prospecting for 2025, the Executive Chairman of FIRS, Zacch Adedeji, announced a N25.2 trillion revenue target.