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Nigeria plans VAT rate rise to 10%

  • VAT
  • 10 August 2015 | Richard Asquith

Nigeria plans VAT rate rise to 10%

The Nigerian Federal Inland Revenue has confirmed plans to double the Nigerian VAT rate from 5% to 10% this year.

The rise is seen as necessary to cope with the fall in world oil prices, which have fallen by over 100% to below $50 per barrel in the last 14 months.

The rise is seen as necessary to cope with the fall in world oil prices, which have fallen by over 100% to around $50 per barrel in the last 14 months. Oil tax revenues account for 70% of the country’s revenues, and even more from a foreign exchange earning prospective.


VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.