VAT Collection Hits N1.78trn In Q3

The Nigerian government has raked in the sum of N1.78 trillion from Value Added Tax (VAT) in the third quarter of 2024.

This is according to the latest VAT report released by the National Bureau of Statistics (NBS) in Abuja.

The Q3 VAT figure represents a 14.16% quarter-on-quarter increase compared to the N1.56 trillion collected in Q2 2024 and an 88% year-on-year growth from Q3 2023.

Local VAT payments, Foreign VAT payments and import VAT drove the VAT increase recorded by the Nigerian government.