
08/08/2025
Nigeria's VAT Revenue Grows 9.23% in Q4 2024, Hits ₦1.95 Trillion
Nigeria's Value Added Tax (VAT) collections rose to ₦1.95 trillion in the fourth quarter of 2024, marking a 9.23% increase from the ₦1.78 trillion recorded in Q3, according to latest fiscal data released by the Federal Inland Revenue Service (FIRS).
The growth reflects the positive impact of President Bola Tinubu's economic reforms under the Renewed Hope Agenda, which have focused on improving tax compliance, revenue diversification, and trade facilitation.
Domestic VAT led contributions at ₦917.4 billion (47% of total)
Foreign Non-Import VAT generated ₦554.68 billion
Import VAT contributed ₦474.75 billion
FIRS Chairman Mr. Zach Adedeji noted: "The Q4 figures demonstrate our economy's resilience. While we celebrate growth in formal sectors, we're implementing digital solutions to bring informal businesses into the tax net."
The government has attributed the overall VAT expansion to policies like the Electronic Money Transfer Levy and Automated Tax Administration System, which have improved collection efficiency.
Economists suggest the data indicates gradual economic recovery but caution that inflationary pressures and forex challenges may affect 2025 projections.
Asiwaju Bola Ahmed TinubuTinubu