VAT collection rises to N1.95trn in Q4 2024, records 62% YoY  surge, says  NBS

The National Bureau of Statistics (NBS) on Thursday said Nigeria’s Value Added Tax (VAT) collection reached a record N1.95 trillion in the fourth quarter (Q4) of 2024.

This marks a 9.23pe cent increase from the N1.78 trillion recorded in Q3 2024, reflecting improved tax compliance, economic activity, and possibly the effects of inflation on prices.

NBS in its report titled “Sectorial Distribution of Value Added Tax Q4 2024”, said  “On aggregate, Value Added Tax (VAT) for Q4 2024 was reported at N1.95 trillion, showing a growth rate of 9.23per cent on a quarter-on-quarter basis from N1.78 trillion in Q3 2024. Domestic payments were N917.40 billion, Non-import foreign VAT Payments were N554.68 billion, while import VAT contributed N474.75 billion in Q4 2024,” NBS noted.

On a quarter-on-quarter basis, NBS stated, activities of extraterritorial organizations and bodies recorded the highest growth rate with 180.05per cent, followed by agriculture, forestry, and fishing with 70.83per cent, and Human health and social work activities with 46.13perrr cent.

On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use contracted by 28.97per cent, followed by information and communication with 23.00per cent, according to the NBS.

In terms of sectorial contributions, the NBS report reveals that the top three largest shares in Q4 2024 were manufacturing with 25.89per cent, information and communication with 16.18per cent, and mining and quarrying with 15.52per cent.

Also, the report stated that the least contributing activity during the quarter was activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01per cent; followed by activities of extraterritorial organizations and bodies, and water supply, sewerage, waste management with 0.04% contribution each.

“However, on a year-on-year basis, VAT collections in Q4 2024 increased by 62.19per cent compared to the corresponding quarter (Q4 2023),” NBS noted.

In June 2025, President Bola Tinubu signed into law four tax reform bills impacting key areas of Nigeria’s fiscal and revenue framework.

The signing ceremony took place at the Presidential Villa. The four bills include the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.