Lagos State is leading the list of 36 states with the highest VAT contributions in 2024A recent report shows that Lagos State’s VAT contribution accounted for 54% of the entire VAT pool at N2.75 trillionRivers and the Federal Capital Territory, Abuja came second and third, respectively, with N832.69 billion and N303.64 trillion
Henzodaily.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
According to recent research, Lagos State is leading the list of the highest contributors to Nigeria’s Value Added Tax (VAT) revenue in 2024, with a whopping N2.75 trillion.
A Nigerian think-tank, Agora Policy, provided a detailed breakdown of each state’s VAT contributions and disclosed that the amount represents 54% of the entire non-import VAT pool in the country during the review period.
The Lagos State governor, Babajide Sanwo-Olu, Rivers State governor, Sim Fubara, and FCT Minister, Nyesom Wike
Credit: YASUYOSHI CHIBA / Contributor
Source: Getty Images
South leads the six geopolitical zones
According to the data published on Saturday, January 25, 2024, Rivers State followed with N832.69 billion, while the Federal Capital Territory came third with N303.64 trillion.
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The New Telegraph reports that Oyo State came fourth with N272.41 billion, and Kano recorded N77.76 trillion in VAT contributions.
The Agora Policy report disclosed that the remaining states collectively contributed 19% of the total VAT revenue, with contributions from Delta hitting N73.39 billion and Imo State having the least at N4.38 billion.
Top Nigerian states with the highest VAT contributions in 2024
Lagos: ₦2.75 trillionRivers: ₦832.69 billionFCT: ₦303.64 billion Oyo: ₦272.41 billionKano: ₦77.76 billionDelta: ₦73.39 billionBayelsa: ₦64.66 billionEdo: ₦53.55 billionAnambra: ₦47.53 billionAkwa Ibom: ₦46.93 billionAdamawa: ₦42.01 billionBorno: ₦35.29 billionNiger: ₦34.84 billionTaraba: ₦32.37 billionKwara: ₦31.51 billionKaduna: ₦30.30 billionEkiti: ₦29.58 billionJigawa: ₦28.54 billionBenue: ₦26.59 billionOgun: ₦26.16 billionSokoto: ₦25.98 billion
FIRS smashes 70-year-old tax revenue record
Henzodaily.ng earlier reported that the Federal Inland Revenue Service (FIRS) recently celebrated a monumental moment under Zacch Adedeji, the agency’s Executive Chairman.
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The event marked a turning point in FIRS’ 70-year history, showcasing significant reforms that have reshaped the institution’s operations and the welfare of its workforce.
Adedeji is credited with introducing a performance-based promotion system that has replaced the previously arduous advancement process.
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Source: Henzodaily.ng