Value Added Tax

Manufacturers’ VAT Rises 39% To N803.5bn Despite Low Output

Nigeria’s manufacturing sector contribution to Value-added Tax (VAT) rose by 39 per cent to ₦803.5 billion in 2024 from ₦578.39 billion recorded in 2023. This growth occurs amid a challenging economic environment characterized by declining industrial output, high inflation, and foreign exchange

August 27, 2025

Business·News

Imo, Zamfara, Abia Record Lowest VAT In August

Imo, Abia and Zamfara states are the top three states in Nigeria that recorded the lowest Value Added Tax (VAT) in August 2024. According to data released recently by the Federal Inland Revenue Service (FIRS) on VAT, a total of N444.19 billion

November 21, 2024

Business·FEATURES

10 Sectors With Highest VAT Contributions In Q2 2024

Value Added Tax (VAT) in Nigeria is a type of consumption tax imposed on the value added to goods and services at each stage of production and distribution. Introduced in 1993 to replace Sales Tax, VAT which is administered by the Federal

September 12, 2024

HURIWA Condemns Security Agencies Clampdown On Media, Protesters

News

HURIWA Demands Reversal Of VAT Hike, Warns Against Imposing Additional Burden On Nigerians

Human Rights Writers Association of Nigeria (HURIWA) has called on the Nigerian government to rescind its decision to increase the Value Added Tax (VAT) from 7.5% to 10%. It said the policy would deepen economic hardship faced by Nigerians, especially the poor.

September 9, 2024

Finance & Economy·News

Proposed VAT, Petrol Price Hike Will Deepen Cost-of-living Crisis – Atiku

Former vice president, Atiku Abubakar, has criticised the proposed increase of the value-added tax (VAT) by the Tinubu-led administration from 7.5 per cent to 10 per cent. Prime Business Africa reports that the Presidential Committee on Fiscal Policy and Tax Reforms recommended

September 9, 2024

Finance & Economy

Top 5 Nigeria’s Sectors that Paid Highest VAT In 2023

Value Added Tax (VAT) collection in Nigeria has experienced significant improvement over the years. Currently one of Nigeria’s main sources of revenue, aside from oil, VAT which is managed by the Federal Inland Revenue Service (FIRS), is a consumption tax levied on the supply

March 20, 2024

Nigeria: Top 10 Performing Sectors By VAT Contribution In Q1 2024

Business·Finance & Economy

Nigeria’s VAT Collections Increase By 72.12% YoY Record N1.20trn In Q4 2023

Nigeria recorded a total of N1.20 trillion as Value Added Tax (VAT) contributions to the economy in the fourth quarter (Q4) of 2023.

March 19, 2024

Buhari Pledges Support For Stability Of Chad

Business

Cost of Goods Set To Rise Again, As Governors Want Buhari To Increase VAT to 20 percent

Nigerian governors have urged the Federal Government to increase the Value Added Tax (VAT) to 15 percent, and remove petrol subsidy in order to raise the government’s revenue, and reduce expenditure. The governors want VAT increased from the current 7.5 percent to

August 5, 2022

Business·Insights

Umar Yahaya: FG Takes Major Step In Accessing Unclaimed Dividends, Threatening Shareholders’ Investments

On July 23, 2021, the Federal High Court in Abeokuta, Ogun state, restrained the Federal Government from accessing shareholders’ unclaimed dividends, but recent event has shown the government is not backing off. The Senate seem to be laying the groundwork for FG

July 21, 2022

Business

Three Revenue Sources That Helped Nigerian Gov’t Make ₦680.78 billion From Nigerians In One Months

The Federal, States and Local Governments received ₦680.783 billion from the Federation Account Allocation Committee (FAAC) in May 2022. This includes funds generated from Value-Added Tax (VAT) and Electronic Money Transfer Levy (EMTL). Amount shared by the three tiers of governments is

June 27, 2022

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Manufacturers’ VAT Rises 39% To N803.5bn Despite Low Output

Imo, Zamfara, Abia Record Lowest VAT In August

10 Sectors With Highest VAT Contributions In Q2 2024

HURIWA Demands Reversal Of VAT Hike, Warns Against Imposing Additional Burden On Nigerians

Proposed VAT, Petrol Price Hike Will Deepen Cost-of-living Crisis – Atiku

Top 5 Nigeria’s Sectors that Paid Highest VAT In 2023

Nigeria’s VAT Collections Increase By 72.12% YoY Record N1.20trn In Q4 2023

Cost of Goods Set To Rise Again, As Governors Want Buhari To Increase VAT to 20 percent

Umar Yahaya: FG Takes Major Step In Accessing Unclaimed Dividends, Threatening Shareholders’ Investments

Three Revenue Sources That Helped Nigerian Gov’t Make ₦680.78 billion From Nigerians In One Months

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