Nigeria has recorded a 45.02% increase in its Value Added Tax (VAT) collections, amassing a total of N3.64 trillion in 2023, according to data from the National Bureau of Statistics (NBS).
This considerable growth, up from N2.51 trillion collected in 2022, underscores the country’s strengthening economic landscape amidst various reforms and measures aimed at enhancing tax compliance and broadening the tax base.
A breakdown of the 2023 VAT revenue reveals a comprehensive contribution from different segments, including local non-import VAT, which accounted for N2.10 trillion, non-import (foreign) VAT at N824.60 billion, and NCS (Nigeria Customs Service)-import VAT tallying up to N714.51 billion. This diversified revenue source underscores Nigeria’s multifaceted economic activities and the government’s efforts to harness these sectors for national development.
