Economy

Revenue from Company Income Tax in Three Months Rises 20.2%

Published

5 years ago

11/08/2021

By Ashemiriogwa Emmanuel

The revenue generated by Nigeria as Company Income Tax (CIT) across sectors in the second quarter of 2021 grew by 20.2 per cent quarter-on-quarter, the National Bureau of Statistics (NBS) has said.

Also, the stats office disclosed that the income from the source also increased by 17.4 per cent year-on-year.

It was stated that in Q2 2021, a total of N472.1 billion was realised from all the 28 sectors tracked by the agency compared to N392.7 billion generated in the first quarter of the year.

In the report, it was disclosed that N412.7 billion out of the total amount generated was realized from domestic companies, while N51.6 billion was generated as foreign CIT payment while the remaining N2.72 billion was yielded as CIT from other payments.

In a breakdown analysis, the highest amount of CIT collection was generated from the professional services and telecoms sector, as it raked in N130.1 billion, a 616 per cent growth rate from the N18.2 billion generated in the first quarter of 2021.

From the banking and financial institutions, CIT generation grew by 548.3 per cent to N60 billion from N9.3 billion yielded in Q1 while it rose 22.6 per cent compared to N49 billion generated in the same period last year.

In the building and construction sector, the government was able to generate a total of N5.1 billion from CIT, indicating a 70.5 per cent increase from the N2.9 billion realized in the previous quarter. However, on a year-on-year, CIT dropped by 16.4 per cent compared to N6.1 billion.

The taxes generated from the agricultural/plantations and gas sector increased by 223.5 per cent and 939.8 per cent to N2.99 billion (from 924.4 million) and N8.4 billion (from N806 billion) respectively, on a quarter-on-quarter basis.

In the agricultural/plantation sector, CIT then grew 152.1 per cent compared to N1.2 billion on a year-on-year basis while in the gas sector, it surged by 1,178.4 per cent from N655.5 million.

According to the data, the N13.5 billion generated from commercial and trading activities in the preceding quarter increased by 75.2 per cent to N23.7 billion which relatively shows a 61.5 per cent increase compared to N14.6 billion generated from the sector in Q2 2020.

However, there was a 22.8 per cent decline at the CIT renumerated by federal ministries and parastatals in the comparative period as a total of N4.9 billion was published versus N6.4 billion while it rose year-on-year by 54.6 per cent against N3.2 billion in Q2 2020.

In the same pattern, there was a 34.1 per cent drop to N11.4 billion in the total CIT generated from the state ministries & parastatals sector as against the N17.4 billion yielded in the first three months of 2021. But, this was a different outcome compared to the same period last year, as it grew by 10.7 per cent to N10.3 billion.

Similarly, CTI generated from the oil-producing sector depleted by 46.3 per cent to N8.2 billion from the N15.2 billion obtained in the first quarter of 2021. This also reflects a 3.76 per cent decrease from the N8.6 billion acquired in the second quarter of 2020.

Data on the report showed that the textile and garment sector generated the least which is closely followed by automobiles and assemblies and pioneering with N27.23 million, N62.15 million, and N64.30 million generated for respectively compared to (Q1’21 – 13.5 million, Q2’20 – 32.9 million), (Q1’21 – N73.6 million, Q2’20 – N81.6 million), and (Q1’21 – N204.1 million, Q2’20 – N923.7 million).

Economy

NRS Launches Unified Tax ID System

Published

5 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.

The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.

According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.

The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.

“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.

The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.

According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.

“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.

The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.

Economy

OTC Securities Exchange Falls 1.31% as Key Stocks Decline

Published

7 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.

This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.

Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.

The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.

During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.

GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.

Economy

FX Pressure Pushes Naira Lower to N1,373/$1 at Official Market

Published

7 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

It was a horrible day for the Nigerian Naira in the different segments of the foreign exchange (FX) market on Monday, May 15, as its value further weakened against the United States Dollar.

In the black market window, the Naira lost N5 against the Dollar yesterday to sell for N1,390/$1 compared with the previous value of N1,385/$1, but at the GTBank forex counter, it remained unchanged at N1,383/$1.

In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Nigerian currency depreciated against the greenback by N2.66 or 0.19 per cent to sell for N1,373.70/$1 compared to last Friday’s rate of N1,371.04/$1.

Equally, it fell against the Pound Sterling in the same market segment by N9.05 to trade at N1,839.66/£1 versus N1,830.61/£1, and lost N5.42 on the Euro to close at N1,600.49/€1 versus N1,595.07/€1.

The performance of the local currency during the session indicates early worries despite all signals pointing to stability, amid improved Dollar sales by the Central Bank of Nigeria (CBN), with steady, higher oil receipts to bolster the nation’s reserves.

Activity at the market showed that turnover rose 57.3 per cent to $76.29 million on Monday from $48.49 million posted on Friday.

Over the weekend, S&P raised Nigeria’s credit ratings for the first time since 2012 and highlighted improved FX market liquidity and $10 billion turnover recorded in April 2026 as one of the major gains of the CBN-led FX reforms.

The agency said the liberalisation of the exchange rate has bolstered access to foreign currency and enabled a market-driven exchange-rate environment while supporting investor and consumer confidence.

Meanwhile, the cryptocurrency market was bullish on Monday as investors monitored developments in the Iran conflict and weighed the impact of surging oil prices on inflation and US interest-rate expectations.

Ethereum (ETH) gained 0.7 per cent to trade at $2,134.10, Cardano (ADA) rose by 0.6 per cent to $0.2515, Solana (SOL) expanded by 0.3 per cent to $85.11, Binance Coin (BNB) jumped 0.2 per cent to $643.29, TRON (TRX) increased by 0.03 per cent to $0.3565, and Bitcoin (BTC) advanced by 0.02 per cent to $76,912.12.

On the flip side, Dogecoin (DOGE) slid by 1.5 per cent to $0.1044, and Ripple (XRP) decreased by 0.5 per cent to $1.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.