January marked the first full month under the revised VAT sharing formula. Previously, the Federal Government received 15 per cent, the states 50 per cent, and LGAs 35 per cent. The state’s gross VAT allocation for January stood at N111.22 billion. After a deduction of N9.89 billion, Lagos retained N101.34 billion as state net VAT. Oyo ranked second with N24.04 billion in gross VAT allocation, while Rivers followed with N23.57 billion.

Source: Punch March 12, 2026 00:53 UTC