Ministries, Departments, and Agencies of the Federal Government remitted a total of N7.04bn in Value Added Tax to the Federal Inland Revenue Service in October and November 2024.
This is according to data sourced from BudgIT’s accountability platform – GovSpend, by our correspondent on Monday.
The breakdown of this amount showed N4.13bn in October and N2.91bn in November, with no payments recorded in December yet.
The total amount for the quarter was N7,038,301,823.65, highlighting the continued role of VAT in Nigeria’s revenue generation. According to the Federal Inland Revenue Service, VAT in Nigeria is charged at a rate of 7.5 per cent on goods and services, with certain exceptions like non-oil exports being zero-rated.
“Value Added Tax is a consumption tax paid when goods are purchased and services rendered. It is a multi-stage tax and VAT is borne by the final consumer,” stated FIRS.
The agency also emphasised the obligation of certain taxpayers to remit VAT, including Nigerian companies dealing with non-resident companies, government agencies, and firms in the oil and gas sector.
