Nigeria's VAT collections have shown consistent growth over the past few years, hitting a record high in Q2 2024, declining only once (Q3 2021) in 13 quarters.
The finance minister recently confirmed that the VAT rate remains at 7.5%, dispelling rumours of an increase.
Of the total VAT generated in Q1 2021, Non-Import (foreign) VAT recorded a 116% increase — the highest compared with the same period of 2020. Here is a breakdown of the VAT generated by sectors in Q1 2020 and Q1 2021.
In Q2 2023, Nigeria collected 10% more VAT than in the first quarter, 30% more than in Q2 2022, 53% more than in Q2 2021, and 555% more than 40 quarters ago in Q2 2013. Do you see VAT collections reaching one trillion naira soon?
Can’t find what you’re looking for? Please fill the form below
