Nigeria: Generated Value Added Tax (VAT) for Q1 2012 - 2021
VAT in Nigeria was increased to 7.5% from 5%, effective from January 13, 2020. Though the increase didn’t affect Q1 2020’s figures that much, figures from Q1 2021 exceed Q1 2020’s by 53%. Here’s the total VAT generated for Q1 of the past ten years.
Source:
National Bureau of Statistics, Federal Inland Revenue Service
Kenya's Revenue Authority has doubled its revenue, growing from KSh 1.1 trillion in the 2014/15 financial year to KSh 2.2 trillion in 2022/23.
The most significant annual growth occurred in 2021/22, with a 21.7% increase. Over nine years, tax revenue grew by an average of 9.4%, demonstrating consistent progress in Kenya's fiscal management.
In 2022, employees in Lagos, Rivers, and the FCT contributed ₦558.7 billion in PAYE tax, representing over half of the nation's total.
Lagos State alone accounted for ₦360.9 billion.
These figures underscore the tax contributions from Nigeria's key economic regions.
Lagos State led Nigeria’s 2022 PAYE tax collections, surpassing the total of 32 other states combined.
PAYE, a tax on employees’ income, saw Lagos contributing 36%, far ahead of Rivers State (11%) and the FCT (∼9%).
This highlights the economic disparity across states.
Over the years, local companies have contributed more than foreign companies to Nigeria’s total company income tax revenue. In 2023, local CIT payments accounted for 51% of the total, with foreign payments at 49%.
Local CIT payments saw the highest share in 2021 (65%), while foreign CIT's highest was in 2015 at 52%.
In 2023, businesses in Nigeria's finance and insurance sector paid ₦458.8 billion as taxes to the government, 119.6% more than in 2022.
Those in the manufacturing sector also increased their payments and remain the top tax-paying sector in the country.
Here are the top five sectors where businesses paid the most tax in 2023.
Nigeria collected nearly ₦5 trillion income tax from companies in 2023. The amount collected in 2023 is 3.5x the collections in 2015 and 73% more than in 2022. Here are Nigeria's company income tax collections since 2015.
