Economy
Nigeria Generate N2.96trn from CIT, N2.28trn from VAT In Q3 2025
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 Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
