Nigeria’s VAT Surges Over N2 Trillion in Q2 2025

Nigeria’s Value Added Tax (VAT) reached a record high of N2 trillion in the second quarter of 2025, marking a significant surge of 32.15% year-on-year compared to the previous year. This growth was attributed to factors such as expanding DeFi applications and increased institutional investments, according to data from the National Bureau of Statistics (NBS). The report reveals that local payments contributed N1.09 trillion while foreign VAT payments reached N459.95 billion. Import VAT played a key role in driving revenue, contributing N508.55 billion during Q2 2025.