The combination of Value Added Tax (VAT) and Company Income Tax (CIT) fetched Nigeria N2.33tr in revenue in the fourth quarter of 2024, fresh data from the National Bureau of Statistics (NBS) has shown.
According to the data, VAT collections for Q4 2023 stood at N1.20 trillion, marking a significant 26.61% increase on a quarter-on-quarter basis from N948.07 billion in Q3 2023.
This increase was driven by a combination of local payments, which amounted to N630.00 billion, foreign VAT payments at N326.27 billion, and import VAT contributions of N244.04 billion.
