Nigeria's quarterly VAT collections have reached new highs in seven consecutive quarters since Q4 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?

Source:

National Bureau of Statistics

Period:

2013 - 2023
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Lagos State generated the vast majority of Nigeria's IGR at ₦1.3 trillion, accounting for over 35% of the ₦3.7 trillion total IGR
  • Nigeria’s total IGR in 2024 was ₦3.7 trillion.
  • Lagos State generated ₦1.3 trillion, accounting for over 35% of the national IGR.
  • Rivers State (₦317.3 billion) and the FCT, Abuja (₦282.4 billion) ranked second and third, respectively.
  • The South West led regionally with ₦1.7 trillion in total IGR.
  • The North East recorded the lowest regional IGR at ₦129.8 billion.
  • Economic disparity between regions remains wide, with Lagos alone outpacing entire regions.
Three US missions rank among the top five most expensive of Nigeria's foreign missions, receiving a combined ₦21.9 billion in 2025's budget
  • ₦310.6 billion is the total allocation for Nigeria’s 110 foreign missions in 2025.
  • The New York (Permanent Mission) received the highest allocation at ₦9 billion.
  • Three US missions (New York PM, Washington, and New York CG) together account for ₦21.9 billion.
  • London (₦7.2 billion) and Geneva (₦6.6 billion) complete the top five highest allocations.
  • European cities such as Paris, Madrid, Berlin, and Berne remain strong diplomatic priorities, collectively drawing over ₦20 billion.
Nigeria’s South East region is the only one where MDAs' revenue (60.9%) exceeded Total Tax Revenue (39.10%) in 2024
  • The South East is the only region where the revenue of MDAs (60.9%) exceeded tax revenue (39.1%).
  • Other regions relied more heavily on tax revenue, with the South South leading at 85.25%.
  • The North East and North Central followed closely, with tax contributions of 79.9% and 79.15%, respectively.
  • The South West generated 75.04% of its IGR from taxes, indicating a strong formal revenue structure.
  • The North West maintained a more balanced mix, with 58.54% tax and 41.46% MDAs’ revenue.
Three agencies were allocated a combined ₦67.2 billion, 62% of the Information Ministry’s 2025 budget
  • The Federal Ministry of Information and National Orientation received a total of ₦108.3 billion in the 2025 budget.
  • The National Orientation Agency (₦24.4 billion), FRCN (₦21.5 billion), and NTA (₦21.3 billion) account for over 60% of the total allocation.
  • The National Institute for Cultural Orientation was allocated ₦11.8 billion.
  • Regulatory bodies like ARCON (₦3.8 billion), the Nigerian Press Council (₦3.2 billion), and NBC (₦2.4 billion) received the smallest allocations, suggesting limited funding for oversight functions.
  • A separate ₦8.9 billion was allocated to the Ministry’s headquarters for administrative operations.
West Africa has the highest concentration of remittance-dependent nations, with 10 countries in the top 20, led by The Gambia (21.1%)
  • The Gambia leads Africa in remittance-GDP ratio, with remittance accounting for 21.1% of its GDP in 2024.
  • Lesotho (20.9%) and Comoros (18.3%) closely follow as highly remittance-dependent economies.
  • Somalia (17.5%) and Liberia (14.3%) also rely heavily on diaspora inflows to support their economies.
  • Nigeria (11.3%) remains a major player, highlighting its strong global diaspora network.
  • Cabo Verde (12.1%) and Senegal (11.6%) demonstrate that remittances are key drivers of income in smaller economies.
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Europe, Asia, and the Americas have attracted a combined 94% of global foreign investment since 1990, leaving Africa and Oceania with just 6%
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  • Asia grew from just $25 billion annually in 1990 to consistently attracting $600-700 billion per year, showing the most stable growth pattern
  • Major crises (2001, 2008-09, 2020, and 2022) caused dramatic swings, with Europe even recording negative flows in 2022
  • Africa and Oceania combined received just 6% of total FDI, remaining far behind despite Africa's recent acceleration to $97 billion in 2024
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