The Federal Inland Revenue Service (FIRS) has reported a substantial rise in Nigeria’s Value Added Tax (VAT) collections, which reached N6.72 trillion in 2024, reflecting a 84.62% year-on-year (YoY) increase compared to N3.64 trillion recorded the previous year.

This was disclosed at the 2025 FIRS Management Retreat on Thursday, where the agency reviewed its revenue performance.

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

The latest figures indicate that all tax categories recorded significant growth in 2024 compared to 2023, with non-oil taxes driving the majority of the increase.

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

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

—Company Income Tax (CIT) also recorded a 102.5% rise, climbing from N3.35 trillion in 2023 to N6.78 trillion in 2024.

—Meanwhile, the Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), and Upstream CIT segment saw a 35.2% growth, increasing from N4.26 trillion to N5.76 trillion.

—Education Tax (EDT) posted the highest YoY percentage growth, surging by 127.8%, from N719 billion in 2023 to N1.64 trillion in 2024.

—The overall non-oil tax revenue increased by 97% compared to 2023, reflecting the federal government’s intensified efforts to broaden the country’s tax base and reduce reliance on oil revenues.

Oil revenue falls below target despite growth. Despite growth across all tax categories, oil-related tax revenue did not meet FIRS’ internal projections. The PPT/HT/CIT Upstream tax, which was expected to generate N7 trillion, fell short at N5.76 trillion, achieving only 82.3% of its target.

The shortfall was attributed to lower-than-expected crude oil production, which averaged 1.55 million barrels per day (mbpd) instead of the projected 1.78 mbpd.

However, improved debt collection efforts helped offset some of the revenue losses in this segment.

Source: https://nairametrics.com/2025/01/31/nigerias-vat-revenue-hits-n6-72-trillion-in-2024-surges-by-84-62/

Na Tinubu dey there, e lo fokan ba le. Massive Success is coming, i can feel it.

This is interesting. But 6trillion is still small, let’s target 30trillion for starters.

We can do it. My worry is just that the state governors are benefiting more from this and it seems some of them just squander it on irrelevances.

LegendHero:


Source: https://nairametrics.com/2025/01/31/nigerias-vat-revenue-hits-n6-72-trillion-in-2024-surges-by-84-62/

BAT

puking liars today debt is 700 trillion tomorrow renvenu is 400 trillion...b000dsucking agbado eaters

Sucking Nigerians of their lifeblood with absolutely nothing to show for it

No impact on the street.

Hunger, inflation,bad roads , Insecurity, corruption , weaponization of law enforcement against perceived enemies etc

Useless government.

😊

Give it up for Mr Economics, Tinubu.

President is working round the clock for a greater Nigeria.

Acekidc4:
Na Tinubu dey there, e lo fokan ba le. Massive Success is coming, i can feel it.

Tinubu the taxmaster, taxes with nothing to show for it

After God na Tinubu. Credit to Zacc Adedeji. He is truly doing wonders in Firs and is the most capable of the presidents appointees. Kudos to you. Onwards and upwards for the president and the nation. 👏🏼👏🏼👏🏼.



.

As long as we don't see what it is used for and doesn't help a common man then it is rubbish

Sadly, every form of comfort average Nigerians enjoyed went the other way

Kebbi State will use their share of the VAT to repair Mosques and sponsor hajj

Lagos-Ibadan expressway propaganda deceiving themselves.

Tilumbu aka Lamidi Amoda Sangodele has almost doubled national debt in less than two years after removing all subsidies

LegendHero:
This is interesting. But 6trillion is still small, let’s target 30trillion for starters.

We can do it. My worry is just that the state governors are benefiting more from this and it seems some of them just squander it on irrelevances.

Lol.. Tinubu supporters are actually celebrating this news..

To what gain?

There is nothing to rejoice about here.

It will only benefit the corrupt, criminals ruling Nigeria; they now have more money to steal and loot.


Generating revenue is not the problem of Nigeria, but managing and utilizing the available resources for the common good of Nigerians, which is lacking among Nigerian leaders.


Tax and levies only help countries and societies with responsible and accountable leaders, not a country like Nigeria led by criminals, rogues, and shameless looters who loot even money meant for old pensioners and even the money meant for the physically challenged

And they are still borrowing till thy kingdom come. The surge is due to HIGH COST OF GOODS AND SERVICES. A plate of jollof rice that used to be N500, is now N2500, so 7.5% VAT on N500 is N37.5 and on N2500 is N187.5, so when you rejoice, consider the poverty implications. Iree ooo.

It actually didn't surge. Inflation happened

rattlesnake:
puking liars today debt is 700 trillion tomorrow renvenu is 400 trillion...b000dsucking agbado eaters

All these unproductive akpu parasites sef.
Will you keep quiet and serve Ekpa in peace, you financially worthless churchrat.

The druglord fooled people with propaganda to rig himself in.

Now the same cocaine sniffing af@nja whats to use to proganda to run the country.

LegendHero:


Source: https://nairametrics.com/2025/01/31/nigerias-vat-revenue-hits-n6-72-trillion-in-2024-surges-by-84-62/

So VAT revenue skyrocketed, but where’s the impact on the lives of Nigerians? Hunger is worse, inflation is killing businesses, roads are still terrible, insecurity is everywhere, and corruption is business as usual. The government is collecting more money, but what’s changing for the people? More taxes, higher prices, and still no basic services. If revenue is growing this much, Nigerians should be seeing improvements, not more suffering.

ValarDoharis:
Lagos-Ibadan expressway propaganda deceiving themselves.

Tilumbu aka Lamidi Amoda Sangodele has almost doubled national debt in less than two years after removing all subsidies

Ekpa said sit at home but it seems you have taken it further by abandoning your sense at home.

Quelme:
Give it up for Mr Economics, Tinubu.

President is working round the clock for a greater Nigeria.

bst

flyinnizam:
As long as we don't see what it us used for and doesn't help a common man then it is rubbish

I concur.

Deflecting because you have no point

Wickedfacts:


Ekpa said sit at home but it seems you have taken it further by abandoning your sense at home.

Sharia pple will also partake from it

Bunch of hypocrites lmao

Laughable ... I see many ignorant olodos
clapping.

Wait, shebi VAT is a sales tax at 7.5%

With the astronomical increase in inflation, VAT revenues is expected to rise too.

Simple logic!

For example, the VAT paid by a consumer now that one egg sells for #300 will naturally be higher than when it sold for #50
.

Inflation induced VAT revenue. As cost of goods rise due to inflation, automatically VAT revenue increases, there's no magic here