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
