Nigeria Generates Over ₦600 Billion in VAT from Foreign Digital Services

Nigeria’s digital economy has yielded significant revenue as the nation generated over ₦600 billion in Value Added Tax (VAT) from foreign companies like Facebook, Amazon, and Netflix. This landmark achievement was announced by Mathew Osanekwu, Special Adviser to the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, during a media practitioners’ workshop held in Abuja. The breakthrough was made possible due to recent amendments to the VAT Act which expanded the reach of tax collection for non-resident companies operating within Nigeria’s cyberspace.