The Nigerian government has raked in the sum of N1.78 trillion from Value Added Tax (VAT) in the third quarter of 2024.
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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.
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Local VAT payments, Foreign VAT payments and import VAT drove the VAT increase recorded by the Nigerian government.
