Economy
Companies Pay N1.75trn Income Tax in Q3 as Nigeria Rakes N948bn VAT
By Adedapo Adesanya
The latest set of data released by the National Bureau of Statistics (NBS) showed that Nigeria recorded a rise in the Value Added Tax (VAT) and the Company Income Tax (CIT) paid to the nation’s purse in the third quarter of the year.
VAT, which is a levy paid on goods and services produced within or imported into the country, saw a 21.3 per cent rise in value to N948.07 billion from N781.35 billion in the preceding quarter, Q2 of 2023. Comparatively, on a year-on-year basis, VAT collections in Q3 2023 increased by 51.6 per cent from Q3 2022.
A breakdown showed that local payments recorded were N522.08 billion and foreign VAT payments were N204.58 billion, while import VAT contributed N221.41 billion in Q3 2023.
On a quarter-on-quarter basis, agriculture, forestry, and fishing recorded the highest growth rate with 91.9 per cent, followed by the activities of extraterritorial organizations and bodies with 80.25 per cent.
On the other hand, real estate had the lowest growth rate at –37.7 per cent, followed by construction at – 9.54 per cent.
In terms of sectoral contributions, the top three largest shares in Q3 2023 were manufacturing with 26.5 per cent; information and communication with 19.0 per cent; and financial & insurance activities with 12.3 per cent.
The NBS noted that nevertheless, activities of households as employers, undifferentiated goods and services-producing activities of households for own use recorded the least share with 0.02 per cent, followed by water supply, sewerage, waste management, and remediation activities with 0.06 per cent; and activities of extraterritorial organizations and bodies with 0.10 per cent.
As for the CIT for Q3 2023, which is the tax on the profits of both local and foreign firms operating in the country, the bureau reported a 14.3 per cent growth to N1.75 trillion versus the N1.53 trillion recorded in the preceding quarter.
On a year-on-year basis, CIT collections in the quarter increased by 115.9 per cent from the same period last year.
In Nigeria, the tax is currently charged at the rate of 30 per cent for companies having more than N100 million in turnover, and 20 per cent for companies with a turnover ranging between N25 million and N100 million.
As a result, local payments received were N651.63 billion, while Foreign CIT payments contributed N1.10 trillion in Q3 2023.
On a quarter-on-quarter basis, education recorded the highest growth rate with 59.6 per cent, followed by public administration and defence, and compulsory social security with 57.0 per cent.
On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with –74.3 per cent, followed by Water supply, sewerage, waste management, and remediation activities with -73.3 per cent.
In terms of sectoral contributions, the top three largest shares in the quarter were information and communication with 26.2 per cent; manufacturing followed with 23.9 per cent; and mining and quarrying with 11.86 per cent.
The activities of households as employers, undifferentiated goods and services-producing activities of households for own use recorded the least share with 0.00 per cent, followed by water supply, sewerage, waste management, and remediation activities with 0.04 per cent, and activities of extraterritorial organizations and bodies with 0.10 per cent.
By Adedapo Adesanya
The federal government has imposed an immediate nationwide ban on the export of wood and allied products, revoking all previously issued licenses and permits to exporters.
The announcement was made on Wednesday by the Minister of Environment, Mr Balarabe Lawal, during the 18th meeting of the National Council on Environment in Katsina State.
Mr Lawal said the directive, outlined in the Presidential Executive Order titled Presidential Executive Order on the Prohibition of Exportation of Wood and Allied Products, 2025, became necessary to curb illegal logging and deforestation across the country.
“Nigeria’s forests are central to environmental sustainability, providing clean air and water, supporting livelihoods, conserving biodiversity, and mitigating the effects of climate change,” the Minister said, warning that the continued exportation of wood threatens these benefits and the long-term health of the environment.
The order, published in the Extraordinary Federal Republic of Nigeria Official Gazette No. 180, Vol. 112 of 16 October 2025, relies on Sections 17(2) and 20 of the 1999 Constitution (as amended), which empower the state to protect the environment, forests, and wildlife and prevent the exploitation of natural resources for private gain.
Under the new policy, security agencies and relevant ministries are expected to enforce a total clampdown on illegal logging activities nationwide.
On his part, the Katsina State Deputy Governor, Mr Faruk Lawal Jobe highlighted the state’s history of pioneering socio-economic policies that have influenced national policy. He emphasized the importance of collaboration in addressing environmental challenges across the country.
“Environmental sustainability is critical to achieving growth and improving the quality of life of our people,” he said. “Our administration has prioritised initiatives aimed at combating desertification and promoting afforestation.”
The ban reflects the government’s commitment to safeguarding Nigeria’s shrinking forest cover and addressing climate change, while ensuring sustainable use of natural resources for future generations.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.24 per cent on Wednesday, December 17, pulling the Unlisted Security Index (NSI) up by 8.62 points to 3,614.64 points from 3,606.02 points.
In the same vein, the market capitalisation added N4.72 billion to close at N2.164 billion compared with the N2.160 trillion it ended on Tuesday.
The growth was inspired by four securities, which finished on the gainers’ log, neutralising the losses printed by two other securities on the trading platform.
MRS Oil Plc gained N17.90 on Wednesday to end at N196.90 per unit versus N179.00 per unit, NASD Plc appreciated by 59 Kobo to N58.50 per share from N57.91 per share, FrieslandCampina Wamco Nigeria Plc added 15 Kobo to sell at N60.19 per unit versus N60.04 per unit, and Industrial and General Insurance (IGI) Plc rose by 6 Kobo to 64 Kobo per share from 58 Kobo per share.
On the flip side, Golden Capital Plc extended its loss by 76 Kobo to end at N7.75 per unit versus N8.51 per unit, and Central Securities Clearing System (CSCS) Plc slipped by 35 Kobo to N39.65 per share from N40.00 per share.
Yesterday, the volume of transactions increased by 737.3 per cent to 20.4 million units from 2.4 million units, but the value of trades fell by 33.8 per cent to N72.2 million from N109.1 million, and the number of deals slid by 62.5 per cent to 21 deals from 56 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, the second position was occupied by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and the third place was taken by MRS Oil Plc with 36.1 million units worth N4.9 billion.
InfraCredit Plc was also the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, followed by IGI Plc with 1.2 billion units valued at N420.7 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.
By Dipo Olowookere
A 0.26 per cent growth was achieved by the Nigerian Exchange (NGX) Limited on Wednesday on the back of sustained bargain-hunting by investors.
This happened despite a pocket of profit-taking, with industrial goods losing 0.63 per cent and the energy index shedding 0.05 per cent.
But the insurance space increased by 2.02 per cent, the banking counter appreciated by 1.48 per cent, the commodity sector improved by 0.48 per cent, and the consumer goods segment rose by 0.03 per cent.
Consequently, the All-Share Index (ASI) went up by 383.71 points to 149,842.82 points from 149,459.11 points and the market capitalisation jumped by N244 billion to N95.525 trillion from N95.281 trillion.
The market breadth index remained positive after the bourse finished with 38 price gainers and 23 price losers, indicating a strong investor sentiment.
The quartet of First Holdco, Lasaco Assurance, Veritas Kapital, and Prestige Assurance gained 10.00 per cent to quote at N39.60, N2.75, N1.76, and N1.65, respectively, while Mecure Industries grew by 9.92 per cent to N50.40.
Conversely, Living Trust Mortgage Bank lost 10.00 per cent to close at N3.15, International Energy Insurance dropped 9.92 per cent to trade at N2.27, McNichols shrank by 6.90 per cent to N2.97, Omatek decreased by 6.84 per cent to N1.09, and Chams dipped by 6.41 per cent to N2.92.
The activity level witnessed a significant surge at midweek, with Ecobank trading 5.3 billion units for N168.7 billion.
Further, First Holdco sold 108.2 million units worth N4.2 billion, Sterling Holdings exchanged 87.3 million units valued at N606.2 million, FCMB transacted 74.3 million units worth N783.6 million, and Access Holdings sold 41.5 million units for N841.4 million.
At the close of trades, market participants traded 5.9 billion units valued at N216.2 billion in 25,205 deals compared with the 1.0 billion units worth N21.8 billion traded in 23,701 deals a day earlier, showing a rise in the trading volume, value, and number of deals by 490.00 per cent, 891.74 per cent, and 6.35 per cent, respectively.
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