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FG, 21 States Project N2.5trn VAT For 2025

Nigeria’s Federal Government and 21 out of 36 states have projected a combined Value Added Tax (VAT) revenue of N2.5 trillion for 2025, according to budget estimates and Federation Account Allocation Committee reports from October 2023 to March 2024.

The 2025 projection represents a significant 65.8% increase, or N1 trillion, compared to the N1.527 trillion budgeted in 2024. The analysis excluded potential revenue from tax reform bills still under debate.

The 21 states with available budget data include Kebbi, Kaduna, Ekiti, Oyo, Osun, Ogun, Enugu, Borno, Ondo, Kano, Katsina, Ebonyi, Gombe, Anambra, Abia, Niger, Jigawa, Bauchi, Akwa-Ibom, Adamawa, and Delta. Data for the remaining 14 states and the Federal Capital Territory were unavailable.

In 2024, VAT revenue for the Federal Government stood at N512.8 billion but is projected to reach N972 billion in 2025. Similarly, states such as Kebbi, Kaduna, and Oyo expect substantial increases. Kebbi projects N87.3 billion for 2025, up from N41 billion in 2024, while Kaduna anticipates N57.8 billion, up from N48.2 billion. Oyo’s projection jumped to N144 billion, compared to N78.8 billion in 2024.

Other states also forecast higher VAT revenues for 2025:

  • Osun: N78.1bn (up from N45.3bn in 2024)
  • Ogun: N85bn (up from N57.7bn)
  • Enugu: N74.9bn (up from N44bn)
  • Kano: N97.3bn (up from N76.6bn)
  • Anambra: N92.4bn (up from N58.4bn)

Abia, Niger, Jigawa, Bauchi, Akwa-Ibom, Adamawa, and Delta also recorded marked increases, with respective projections for 2025 at N60.6bn, N64.6bn, N80bn, N78.5bn, N70bn, N52.5bn, and N46.6bn.

This upward trend underscores efforts to boost revenue across the federation, despite the contentious nature of ongoing tax reforms.

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