FULL LIST: VAT generated in Lagos more than 35 other states, FCT combined in August 2024

November 22, 2024

The Federal Inland Revenue Service (FIRS) has disclosed that Value Added Tax (VAT) revenue generated in Lagos State alone in August 2024 was more than the combined total of 35 other states and the Federal Capital Territory (FCT).

According to recent data released by the FIRS, the nationwide VAT revenue for August amounted to N444.19 billion, with Lagos contributing an impressive N249.77 billion.

The report highlights Lagos as Nigeria’s dominant economic hub, generating over 56% of the total VAT collected nationwide.

Rivers State was the second-highest contributor, with N70.54 billion, while Oyo, FCT, and Delta states generated N20.11 billion, N18.17 billion, and N13.09 billion, respectively.

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VAT, a 7.5% consumption tax on goods and services, is collected by businesses from consumers at the point of sale and remitted monthly to the FIRS. The revenue is shared among the federal, state, and local governments, serving as a critical source of funding for national development.

Conversely, states like Zamfara (N432.80 million) and Imo (N235.41 million) contributed the least VAT revenue.