By Adedapo Adesanya

Nigeria generated N2.96 trillion from company income tax (CIT) in the third quarter of 2025,  according to the latest data released by the National Bureau of Statistics (NBS).

The Q3 figure shows an increase of 6.55 per cent on a quarter-on-quarter basis from N2.78 trillion in Q2 2025.

The NBS data revealed that domestic CIT received was N1.21 trillion, while foreign CIT payment was N1.75 trillion in Q3 2025.

The rise came ahead of the January implementation of the tax reform, which analysts said could significantly increase tax revenue. The government hopes to leverage the reform to significantly increase the tax revenue.

On a quarter-on-quarter basis, arts, entertainment and recreation activities recorded the highest growth rate with 41.98 per cent; followed by accommodation and food service activities, and mining and quarrying with 37.11 per cent and 15.36 per cent, respectively.

On a year-on-year basis, CIT collections in Q3 2025 increased by 67.19 per cent from Q3 2024.

On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least with –83.88 per cent, followed by Financial and insurance activities (–79.72 per cent) and construction (–66.52 per cent).

In terms of Value Added Tax (VAT), collections also rose sharply, reaching N2.28 trillion in Q3 2025 from N1.77 trillion in the same quarter of the previous year, the NBS report showed.

VAT grew by 10.66 per cent quarterly from N2.06 trillion recorded in Q2 2025, driven largely by manufacturing, information and communication and mining/quarrying.

A breakdown of the N2.28 trillion generated in Q3 showed that local payments accounted for N1.12 trillion. Foreign VAT payments stood at N680.23 billion, while import VAT contributed N479.79 billion.

Sectoral analysis revealed that manufacturing recorded the largest share of VAT at 25.89 per cent in Q3 2025. Information and communication followed at 18.77 per cent, while mining and quarrying accounted for 14.85 per cent.

Together, the three sectors contributed more than half of the total VAT generated in the quarter.

In terms of growth performance, administrative and support service activities recorded the highest quarter-on-quarter increase at 89.28 per cent.

Arts, entertainment and recreation followed with 82.49 per cent growth, while human health and social work activities rose by 32.4 per cent.

However, not all sectors recorded gains. Real estate activities posted the sharpest decline, contracting by 51.33 per cent quarter on quarter.

Activities of households as employers and undifferentiated goods and services producing activities of households for own use fell by 36.22 per cent, while other service activities dropped by 20.3 per cent.

The report noted that activities of households as employers and undifferentiated goods and services producing activities of households for own use recorded the lowest VAT share at 0.003 per cent.

This was followed by activities of extraterritorial organisations and bodies, and water supply, sewerage and waste management, which accounted for 0.03 per cent each.

Overall, the year-on-year comparison shows a striking rebound in both corporate and consumption-based tax revenues, signalling stronger taxable activities and improving compliance across key sectors of the Nigerian economy.

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange maintained its upward trajectory with a further 0.88 per cent rise on Wednesday, March 3.

The expansion increased the NASD Unlisted Security Index (NSI) by 36.94 points to 4,256.41 points from 4,219.47 points, and lifted the market capitalisation by N22.10 billion to N2.546 trillion from Tuesday’s N2.524 trillion.

The six price gainers were responsible for the growth achieved by the unlisted securities market yesterday, with MRS Oil Plc adding N20.00 to trade at N230.00 per unit versus the previous day’s N210.00 per share.

Further, FrieslandCampina Wamco Nigeria Plc surged by N11.07 to N128.83 per share from N117.76 per share, Lagos Building Investment Company (LBIC) Plc grew by 37 Kobo to N4.12 per unit from N3.75 per unit, First Trust Mortgage Bank Plc advanced by 19 Kobo to N2.11 per share from N1.92 per share, Acorn Petroleum Plc rose by 1 Kobo to sell at N18.75 per unit versus the preceding day’s N18.74 per unit, and Acorn Petroleum Plc also gained 1 Kobo rise to sell at N1.35 per share versus N1.34 per share.

It was observed that two securities were in red at midweek, with Central Securities Clearing System (CSCS) Plc down by N1.56 to N82.59 per unit from N84.05 per unit, and Industrial and General Insurance (IGI) Plc down by 2 Kobo to 47 Kobo per share from 49 Kobo per share.

Yesterday, the volume of trades went up by 86.2 per cent to 2.6 million units from 1.4 million units, but the value of transactions deflated by 31.4 per cent to N64.1 million from N93.4 million, and the number of deals declined by 22.0 per cent to 46 deals from 59 deals.

CSCS Plc remained the most traded stock by value (year-to-date) with 36.4 million units valued at N2.2 billion, trailed by Okitipupa Plc with 6.3 million units traded for N1.1 billion, and Geo-Fluids Plc with 122.8 million units transacted for N480.4 million.

Resourcery Plc ended the day as the most traded stock by volume (year-to-date) with 1.05 billion units sold for N408.7 million, followed by Geo-Fluids Plc with 122.8 million units traded for N480.4 million, and CSCS Plc with 36.4 million units worth N2.2 billion.

By Adedapo Adesanya

For the 11th straight trading session, the Naira closed lower against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, March 4.

At the official market, it lost N2.80 or 0.2 per cent against the greenback to close at N1,387.09/$1, i contrast to the N1,384.29/$1 it was traded a day earlier.

It also depreciated against the Pound Sterling in the same market window at midweek by N12.88 to quote at N1,855.10/£1 versus Tuesday’s rate of N1,842.22/£1, and weakened against the Euro by N9.08 to N1,615.27/€1 from N1,606.19/€1.

The Nigerian Naira depreciated against the US Dollar yesterday at the GTBank forex counter by N12 to sell for N1,385/$1 compared with the previous day’s N1,373/$1, and tumbled by N5 in the parallel market to close at N1,390/$1 compared with the preceding day’s N1,385/$1.

The exchange rate has been trending downward for almost two weeks, though it has been resistant to being in panic mode because it is still within its projected N1,350 to N1,450 per Dollar band.

Nigeria’s gross external reserves climbed to $49.693 billion from $49.604 billion, based on the latest data from the Central Bank of Nigeria (CBN).

Meanwhile, the cryptocurrency market recovered after weeks of consolidation, but traders remain divided over whether the move marks a genuine breakout or another trap for late buyers.

Analysts have pointed to heavy overhead supply and positioning in derivatives markets as potential risks, with some suggesting a rally could only attract sellers rather than confirm a sustained recovery.

Dogecoin (DOGE) gained 8.3 per cent to trade at $0.0962, Ethereum (ETH) appreciated by 7.9 per cent to $2,122.87, Bitcoin (BTC) added 6.3 per cent to sell for $72,438.50, Solana (SOL) improved by 6.2 per cent to $90.37, and Cardano (ADA) jumped 5.1 per cent to $0.2733.

Further, Ripple (XRP) rose by 4.9 per cent to $1.41, Binance Coin (BNB) soared by 3.2 per cent to $652.64, and Litecoin (LTC) surged by 2.7 per cent to $56.09, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.