Q3 2024 Sees 14% VAT Revenue Increase in Nigeria: What This Means
The National Bureau of Statistics (NBS) recently reported a 14% increase in VAT (Value Added Tax) revenue for the third quarter of 2024, totaling ₦1.78 trillion.
This significant rise reflects a positive growth trend in Nigeria’s tax revenue collection, likely driven by increased economic activity, improved tax compliance, and possibly adjustments in VAT rates or tax administration.
The increase in VAT revenue could have implications for the Nigerian economy, as it might provide more funding for government projects, infrastructure, and social services.
It also suggests that the government is making progress in boosting non-oil revenue sources, which is crucial for diversifying the economy and reducing reliance on oil exports.