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The Federation Account Allocation Committee has distributed N1.894 trillion for February 2026 to federal, state, and local governments, while reporting a decrease in VAT and statutory revenues.
Nigeria's non-oil tax revenues have notably increased, with Value Added Tax (VAT) collections rising by 34% to N6.4 trillion in the first nine months of 2025 compared to the same period in the previous year. Company Income Tax (CIT) also showed significant growth during this timeframe.
The Federation Account Allocation Committee (FAAC) has allocated N1.969 trillion to the federal, state, and local governments following a revenue increase in December 2025. This reflects an improvement in VAT collections.
The Nigeria Revenue Service has stepped in to clarify concerns regarding the imposition of Value Added Tax (VAT) on banking services, asserting that no new taxes on bank transfers or customer funds have been implemented, despite recent media reports.
The Nigeria Revenue Service has announced that the 7.5% VAT on banking services has been in effect and is applicable only to existing fees, dispelling misconceptions regarding its introduction. This clarification is vital for residents to understand their tax obligations better.
Starting January 19, banks will impose a 7.5% value-added tax (VAT) on various banking services, including PoS transaction fees and mobile transfer charges, as confirmed by Moniepoint Microfinance Bank.
