Lagos, Nigeria – The Federal Inland Revenue Service (FIRS) has released the Value Added Tax (VAT) revenue generated by states and the Federal Capital Territory (FCT) in August 2024.
The report reveals that Lagos State alone generated more VAT revenue than 35 other states and the FCT combined.
According to the FIRS data, Lagos State contributed an impressive N249.77 billion to the nationwide revenue of N444.19 billion in August 2024. This represents over 56% of the total VAT collected nationwide, solidifying Lagos’ position as Nigeria’s dominant economic hub.
Top 5 VAT-Generating States
- Lagos: N249.77 billion
- Rivers: N70.54 billion
- Oyo: N20.11 billion
- FCT: N18.17 billion
- Delta: N13.09 billion
States with the Lowest VAT Revenue
- Imo: N235.41 million
- Zamfara: N432.80 million
- Abia: N663.42 million
- Kebbi: N665.17 million
- Bauchi: N691.28 million
The VAT revenue is a 7.5% consumption tax on goods and services, collected by businesses from consumers and remitted monthly to the FIRS. The shared revenue from VAT is allocated among the federal, state, and local governments, playing a crucial role in financing national development projects.
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