Business
Value Added Tax generated in Lagos more than 35 other states, FCT combined in August 2024 [See Details]
The Federal Inland Revenue Service (FIRS) has disclosed that Value Added Tax (VAT) revenue generated in Lagos State alone in August 2024 was more than the combined total of 35 other states and the Federal Capital Territory (FCT).
According to recent data released by the FIRS, the nationwide VAT revenue for August amounted to N444.19 billion, with Lagos contributing an impressive N249.77 billion.
The report highlights Lagos as Nigeria’s dominant economic hub, generating over 56% of the total VAT collected nationwide.
Rivers State was the second-highest contributor, with N70.54 billion, while Oyo, FCT, and Delta states generated N20.11 billion, N18.17 billion, and N13.09 billion, respectively.
VAT, a 7.5% consumption tax on goods and services, is collected by businesses from consumers at the point of sale and remitted monthly to the FIRS. The revenue is shared among the federal, state, and local governments, serving as a critical source of funding for national development.
Conversely, states like Zamfara (N432.80 million) and Imo (N235.41 million) contributed the least VAT revenue.
Below is the full list of the VAT generated in states and FCT across Nigeria in August 2024:
1. Lagos: N249.77bn
2. Rivers: N70.54bn
3. Oyo: N20.11bn
4. FCT: N18.17bn
5. Delta: N13.09bn
6. Bayelsa: N7.12bn
7. Kano: N4.65bn
8. Akwa Ibom: N4.49bn
9. Anambra: N4.28bn
10. Edo: N4.05bn
11. Ekiti: N3.66bn
12. Borno: N3bn
13. Kwara: N2.89bn
14. Adamawa: N2.59bn
15. Plateau: N2.58bn
16. Benue: N2.56bn
17. Gombe: N2.55bn
18. Kogi: N2.43bn
19. Kaduna: N2.03bn
20. Ebonyi: N1.90bn
21. Taraba: N1.88bn
22. Sokoto: N1.84bn
23. Osun: N1.81bn
24. Ogun: N1.74bn
25. Niger: N1.73bn
26. Yobe: N1.71bn
27. Katsina: N1.68bn
28. Jigawa: N1.59bn
29. Nasawawa: N1.47bn
30. Ondo: N1.45bn
31. Enugu: N1.08bn
32. Cross River: N1.08bn
33. Bauchi: N691.28m
34. Kebbi: N665.17m
35. Abia: N663.42m
36. Zamfara: N432.80m
37. Imo: N235.41m
Total: N444.19bn
A leading African payments technology company, Flutterwave and the Federal Inland Revenue Service, FIRS have concluded collaborative discussion to digitize tax collection in Nigeria.
The collaboration is a step initiated by the FIRS to simplify tax compliance by offering multiple payment options, real-time reporting, and offline capabilities for those with limited internet access.
Meanwhile, Flutterwave CEO Olugbenga ‘GB’ Agboola stressed the firm’s commitment to ensure the using of technology to enhance efficiency, transparency, and economic growth by digitizing government tax collections.
Agboola said: “At Flutterwave, we are committed to leveraging technology to drive efficiency and economic growth. By making tax payments easier and more transparent, we are helping to digitize government collections and support national development which is in line with our mission,” he said
The partnership enables businesses and individuals to pay taxes, levies, and other statutory fees through Flutterwave’s secure and efficient digital infrastructure.
Driving transparency and accessibility
The integration introduces several enhancements, including Flutterwave’s Senior VP, Olufunmilayo Olaniyi, highlighted the importance of public sector collaboration in advancing digital payments, fostering trust, and driving innovation in Nigeria.
“Working with the public sector is pivotal to shaping the future of digital payments in Nigeria. This underscores our commitment to delivering solutions that serve Nigerians better, foster trust, and drive impactful innovation through strategic collaboration.”
What you should know
The Nigerian government has been implementing several measures to enhance tax compliance and efficiency, including digital reporting and e-invoicing systems. In line with these efforts, the Federal Inland Revenue Service (FIRS) is set to pilot its “e-Invoice” platform in July 2025 to streamline invoice management and improve real-time visibility into business transactions.
Amid these regulatory shifts, Flutterwave has been strengthening its presence in Nigeria’s financial ecosystem through strategic collaborations. Beyond facilitating tax payments, the company has expanded its role in digital innovation and security. It recently partnered with the National Information Technology Development Agency (NITDA) and Alami to drive digital transformation and empower SMEs in the tech and creative industries.
Also in 2024, Flutterwave deepened its commitment to financial security by partnering with the Economic and Financial Crimes Commission (EFCC) to establish a Cybercrime Research Center at the EFCC Academy.
Fidelity Bank Plc has announced 20 new millionaires at the 2nd and 3rd monthly draws of its Get Alert in Millions Season 6 (GAIM 6) promo held at the bank corporate head office in Lagos.
The 20 lucky winners, randomly selected through an electronic draw across Lagos, North, Abuja, South-West, South-South, and South-East zones, will be rewarded with the sum of one million naira each.
Speaking at the draws, the promo Chairperson and Executive Director for Lagos and South-West, Fidelity Bank Plc, Dr. Ken Opara represented by the Regional Bank Head, Ikoyi, Chetachi Okechukwu, noted that the GAIM 6 promo was designed to reward customers’ loyalty, encourage a savings culture, and promote financial inclusion across the country.
According to Opara, “Fidelity Bank is dedicated to the financial well-being of our customers and this commitment inspired the launch of the GAIM Promo, designed to cultivate a strong culture of savings.
“Through this promo, customers have the chance to win substantial cash prizes up to N10 million by saving and transacting with their Fidelity Bank Savings accounts. In addition to the monetary rewards, winners will receive complimentary financial advisory services to secure and grow their wealth for the future.”
The monthly draws was monitored by the representatives of relevant regulatory bodies, including the South-West Zonal Coordinator, Federal Competition and Consumer Protection Council (FCCPC), Mrs. Aboluwade Margaret; and the Principal Legal Officer, Lagos State Lotteries and Gaming Authority, Oyinkan Kusamotu.
Since the campaign launched in November 2024, Fidelity Bank has disbursed N19.75 million to 869 customers across different categories. The GAIM 6 campaign, which will run until August 2025, is set to reward lucky customers with a total of N159 million.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
Fidelity Bank Plc has reaffirmed its commitment to financial inclusion, youth empowerment, and promoting a healthy savings culture by rewarding nine National Youth Service Corps (NYSC) members with N500,000 business grants each.
The grants were awarded under the Get Alert in Millions Season Six (GAIM 6) promo, an initiative designed to reward loyal customers with cash prizes totalling N159 million.
The promo, which runs from November 2024 to August 2025, targets various categories of customers, including NYSC members, students, and general customers.
Mr. Osita Ede, Divisional Head of Product Development at Fidelity Bank Plc, stated that this season of the GAIM promo aims to enhance the opportunities for loyal customers to win.
“When we launched the GAIM 6 promotion in November 2024, we unequivocally stated that this campaign season is intended to promote inclusivity. Consequently, we have increased the total prize money to N159 million and added additional draws, beyond the weekly and monthly draws featured in previous seasons.
“Now, we have specific draws catering to various segments of our customer base including women, students, youth corps members, and traders. It is important to note that these categories of customers also stand the chance to win millions of naira in the monthly and grand draws which we will be hosting till 20 August 2025,” explained Ede.
Nine NYSC customers were selected through a random electronic draw in the first quarter of the GAIM 6 campaign across the country. They are: Oluwatosin Emmanuel Olowolayemo and Ekpeno Aniekan George, both Youth Corps members in Akwa Ibom State; Derryk Chidubem Okafor, Enugu State; Aliyu Idris Adamu, Kaduna State; Bomane-Aziba Koromo, FCT_Abuja; Asabe Grace Adamu, Bornu State; David Agbai Agwu, Osun State; Abdullahi Opeyemi Olajuwon, Lagos State and Eghosa George Orhue, Ekiti State.
Expressing his gratitude and excitement, one of the recipients of the entrepreneurship grant, Chidubem Okafor, appreciated Fidelity Bank for the grant, noting that the funds will enable him to achieve his entrepreneurial dreams.
His words, “At first, I thought it was a scam when they introduced the initiative at our orientation camp, but today, I am truly honored to receive this support from Fidelity Bank. This grant will go a long way in helping me achieve my entrepreneurial dreams, and I promise to make the most of it,”
Similarly, David Agwu, who also emerged a winner in the draw, expressed his surprise at the unexpected win, saying, “When I received the call, I thought it was a prank. I never applied for anything, so it was hard to believe. But when they sent me proof, I realized it was real. I am truly grateful for this opportunity. My plan is to invest the money in vocational training and digital skills development, particularly in fashion and painting in order to establish a sustainable business”.
Beyond the N500,000 entrepreneurship grant, the winners will also enjoy free business advisory and training sessions at the newly launched Fidelity SME Hub, located at 22, Lanre Awolokun Street, Gbagada Phase 2, Lagos.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 251 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
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