VAT from Lagos equals and beyond 35 other States, FCT in August 2024

VAT from Lagos equals and beyond 35 other States, FCT in August 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.

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.

Below is the full list of the VAT generated in states and FCT across Nigeria in August 2024:

Lagos: N249.77bn

Rivers: N70.54bn

Oyo: N20.11bn

FCT: N18.17bn

Delta: N13.09bn

Bayelsa: N7.12bn

Kano: N4.65bn

Akwa Ibom: N4.49bn

Anambra: N4.28bn

Edo: N4.05bn

Ekiti: N3.66bn

Borno: N3bn

Kwara: N2.89bn

Adamawa: N2.59bn

Plateau: N2.58bn

Benue: N2.56bn

Gombe: N2.55bn

Kogi: N2.43bn

Kaduna: N2.03bn

Ebonyi: N1.90bn

Taraba: N1.88bn

Sokoto: N1.84bn

Osun: N1.81bn

Ogun: N1.74bn

Niger: N1.73bn

Yobe: N1.71bn

Katsina: N1.68bn

Jigawa: N1.59bn

Nasawawa: N1.47bn

Ondo: N1.45bn

Enugu: N1.08bn

Cross River: N1.08bn

Bauchi: N691.28m

Kebbi: N665.17m

Abia: N663.42m

Zamfara: N432.80m

Imo: N235.41m

Total: N444.19bn