However, on a year-on-year basis, VAT collections in Q2 2025 increased by 32.15 per cent from Q2 2024.
FIRS collected N21.6 trillion as tax revenue in 2024, exceeding the target of N19.4 trillion set for it by the government.
Samuel Agbelaye, president of the Chartered Institute of Taxation (CITAN), stated that the VAT exemption would yield positive results.
Techno Oil CEO Nkechi Obi disclosed this in an interview in Abuja on Tuesday.
The National Bureau of Statistics (NBS) said the aggregate value-added tax (VAT) stood at N948.07 billion in Q3 2023.
The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have agreed to suspend the industrial action planned for October 3 for 30 days.
He made the appeal on Monday.
The National Bureau of Statistics (NBS) says the aggregate value-added tax (VAT) stood at N709.59 billion in Q1 2023.
Vietnam says it is considering lowering value-added tax (VAT) from 10 per cent to eight per cent for some goods and services to boost the economy.
Governor Nasir El Rufai has signed the 2023 appropriation bill of over N376.4 billion into law.
