FIRS Reports August 2024 VAT Revenue of N444.19 Billion Across Nigeria
The Federal Inland Revenue Service (FIRS) recently disclosed Value Added Tax (VAT) revenue data for August 2024, revealing a total collection of N444.19 billion across Nigeria’s states and the Federal Capital Territory (FCT).
VAT is a consumption tax applied to goods and services at various stages of production and distribution. Consumers bear the tax, which is collected by businesses and subsequently remitted to the government. The FIRS manages VAT collection, ensuring compliance and generating revenue vital for the country’s development.
At a standard rate of 7.5%, VAT is charged on taxable goods and services. Businesses collect this tax at the point of sale and remit it to the FIRS on a monthly basis. The revenue is then distributed among the federal, state, and local governments.
Below is a breakdown of VAT revenue generated by states and the FCT in August 2024:
1. Lagos: N249.77bn
2. Rivers: N70.54bn
3. Oyo: N20.11bn
4. FCT: N18.17bn
5. Delta: N13.09bn
6. Bayelsa: N7.12bn
7. Kano: N4.65bn
8. Akwa Ibom: N4.49bn
9. Anambra: N4.28bn
10. Edo: N4.05bn
11. Ekiti: N3.66bn
12. Borno: N3bn
13. Kwara: N2.89bn
14. Adamawa: N2.59bn
15. Plateau: N2.58bn
16. Benue: N2.56bn
17. Gombe: N2.55bn
18. Kogi: N2.43bn
19. Kaduna: N2.03bn
20. Ebonyi: N1.90bn
21. Taraba: N1.88bn
22. Sokoto: N1.84bn
23. Osun: N1.81bn
24. Ogun: N1.74bn
25. Niger: N1.73bn
26. Yobe: N1.71bn
27. Katsina: N1.68bn
28. Jigawa: N1.59bn
29. Nasarawa: N1.47bn
30. Ondo: N1.45bn
31. Enugu: N1.08bn
32. Cross River: N1.08bn
33. Bauchi: N691.28m
34. Kebbi: N665.17m
35. Abia: N663.42m
36. Zamfara: N432.80m
37. Imo: N235.41m
Total VAT Revenue: N444.19bn
This report highlights Lagos as the leading contributor, followed by Rivers and Oyo, reflecting regional economic activities and consumption patterns.
