vat

The Digest: Nigeria recorded significant growth in non-oil tax revenues in the first nine months of 2025, with Value Added Tax (VAT) climbing by 34 percent to N6.4 trillion, compared to N4.77 trillion in the same period of 2024, according to National Bureau of Statistics (NBS) data. Quarterly...

The Digest: Senator Adams Oshiomhole has stated that resistance to paying Value Added Tax (VAT) is uniquely prevalent in Nigeria, arguing that tax compliance must be strictly enforced. The former Edo State governor described President Bola Tinubu’s tax policy as progressive, designed to place...

The Digest: Dr. Tijjani Ahmad, a senior lecturer at Hussaini Adamu Polytechnic, has clarified that Nigeria’s Value Added Tax primarily applies to luxury services and non-essential items, not everyday necessities. In an interview, he explained that basic food, medicines, and educational...

The Digest: As Nigerian banks begin implementing a 7.5 percent Value Added Tax on service charges, many customers are seeking clarity on what exactly will be taxed, and what won’t. Contrary to widespread concerns, the NRS has clarified that VAT applies only to the fees banks charge for...

The Digest: The Nigeria Revenue Service has moved to clarify a critical point of tax policy: the 7.5% Value Added Tax applies only to bank service charges, not to the actual money customers transfer or deposit. In a statement issued Thursday, the NRS firmly dispelled what it called widespread...

Moniepoint and other Nigerian financial institutions will begin applying a 7.5% Value Added Tax on electronic transfers and USSD transactions starting January 19, Key Points: Moniepoint and other banks will apply 7.5% VAT on transfers and USSD transactions. The charge takes effect January...

The Digest: The Federation Account Allocation Committee (FAAC) distributed N1.92 trillion for November 2025, a figure impacted by a N156 billion drop in Value Added Tax (VAT) revenue. Key Points: FAAC shared N1.92 trillion to federal, state, and local governments for November 2025 revenue...

The Digest: Nigeria's three tiers of government receive another massive revenue allocation as the Federation Account Allocation Committee distributes over N2 trillion for October, maintaining fiscal flows amid ongoing economic recalibration. Key Points: FAAC distributed N2.09 trillion to...

The Digest: A bill seeking to place Value-Added Tax (VAT) on the exclusive legislative list has passed its second reading in the House of Representatives. The proposed law aims to resolve the prolonged conflict between federal and state governments over VAT collection by establishing a...

The Digest: Federation Account Allocation Committee (FAAC) disbursed N2.10 trillion to federal, state, and local governments for September 2025, drawing from a gross revenue of N3.05 trillion. The allocation, detailed in a communiqué chaired by Accountant-General Shamsudeen Ogunjimi, reflects...

The Digest: Nigeria has successfully collected over N600bn in Value Added Tax (VAT) from global digital service providers like Facebook, Amazon, and Netflix. This move follows the amendment of the VAT Act, which brings non-resident companies into Nigeria’s tax network. Key Points: Nigeria...

The Digest: Nigeria's Value Added Tax (VAT) revenue has experienced a significant 84.6% year-on-year increase, reaching N6.7 trillion in 2024, according to the National Bureau of Statistics (NBS). The growth trajectory continued through the year, with Q4’24 showing a 9.5% quarter-on-quarter...

The Digest: Nigeria’s new tax reform, signed into law by President Bola Tinubu, introduces several key changes, including a broad list of VAT-exempted items. The new legislation, effective as of January 2026, targets a range of essential goods and services, providing tax relief across various...