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VAT: S’West states contributed N3.11trn, received N849.7bn in 2024

The six states in Nigeria’s South-West geo-political zone collectively generated N3.11 trillion in Value Added Tax (VAT) revenue in 2024, receiving N849.7 billion in return from the Federal allocation pool.

In contrast, the South-East states contributed N101.09 billion to the national VAT pool during the same period, but received a significantly higher allocation of N341.45 billion.

The figures, compiled by Agora Policy, a Nigerian think tank focused on addressing national challenges, highlight Lagos as the leading contributor to VAT revenue both within the South-West and across all states in the country.

Overall, VAT revenue in 2024 saw an 85 per cent increase, rising from N3.64 trillion in 2023 to N6.72 trillion.

The breakdown of VAT contributions and allocations for South-Western states in 2024 is as follows:

Lagos

Contributed: N2.75tn

Allocated: N460.11bn

Oyo

Contributed: N272.41bn

Allocated: N116.83bn

Ogun

Contributed: N26.16bn

Allocated: N72.10bn

Ondo

Contributed: N13.80bn

Allocated: N68.57bn

Ekiti

Contributed: N29.58bn

Allocated: N63.47bn

Osun

Contributed: N14.79bn

Allocated: N68.62bn

Total contribution: N3.11tn

Total allocation received: N849.7bn

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