Nigeria’s annual VAT revenue surges 29% to N1.53tn
The revenue generated from Value Added Tax in Nigeria increased by 28.57 percent in 2020, buoyed by the increase in rate early in the year.
VAT revenue rose to N1.53 trillion last year from N1.19 trillion in 2019, data released by the National Bureau of Statistics on Wednesday showed.
VAT is a consumption tax payable on goods and services consumed by individuals, government agencies and business organisations.
In February last year, the country increased VAT rate to 7.5 percent from five percent, which had been described as one of the lowest in the world.
Its VAT revenue increased from N324.58 billion in the first quarter of 2020 to N327.19 billion in Q2, N424.71 billion in Q3 and N454.69 billion in Q4, according to the NBS data.
