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 Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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