Economy
VAT Payments Drop 0.03% to N2.06trn in Q2 2025
By Adedapo Adesanya
The National Bureau of Statistics (NBS) said the aggregate Value Added Tax (VAT) stood at N2.06 trillion in Q2 2025, a decrease of 0.03 per cent on a quarter-on-quarter basis from the N2.06 trillion recorded in Q1 2025.
The VAT Q2 2025 Report released on Tuesday showed that local payments recorded were N1.09 trillion, while foreign VAT payments contributed N459.95 billion, and import VAT contributed N508.55 billion in Q2 2025.
On a quarter-on-quarter basis, the report showed that real estate activities recorded the highest growth rate at 155.21 per cent, followed by the activities of Agriculture, forestry and fishing at 23.64 per cent. This was followed by Information and communication at 17.75 per cent.
“On the other hand, human health and social work activities had the lowest growth rate at –68.34 per cent , followed by electricity, gas, steam and air conditioning supply with – 45.20 per cent.
“This was followed by water supply, sewerage, waste management and remediation activities at –29.36 per cent .”
In terms of sectoral contributions, the report showed the top three activities with the largest shares in Q2 2025 were manufacturing at 27.19 per cent, information and communication at 20.76 per cent and mining and quarrying at 15.04 per cent .
“On the other hand, activities of households as employers, undifferentiated goods and services-producing activities of households for own use recorded the least share at 0.005 per cent.
“This was followed by activities of extraterritorial organisations and bodies at 0.02 per cent, and water supply, sewerage, waste management at 0.03 per cent.”
However, on a year-on-year basis, it showed that VAT collections in Q2 2025, increased by 32.15 per cent from Q2 2024.
Meanwhile the aggregate VAT for Q1 2025 stood at N2.06 trillion, showing an increase of 6.02 per cent from the N1.95 religion recorded in Q4 2024.
According to the VAT Q1 2025 report local payments recorded were N1.10trillion while foreign VAT payments contributed N454.76 billion, while import VAT contributed N507.00 billion.
On a quarter-on-quarter basis, the report showed that electricity, gas, steam and air conditioning supply recorded the highest growth rate at 136.71 per cent , followed by the activities of administrative and support service activities at 45.24 per cent .
This was followed by Professional, scientific and technical activities at 39.00 per cent.
“On the other hand, activities of extraterritorial organisations and bodies had the lowest growth rate at 35.70 per cent , followed by wholesale and retail trade, repair of motor vehicles and motorcycles; and real estate activities at –14.51 per cent and –11.54 per cent , respectively. ”
In terms of sectoral contributions, the top three activities with the largest shares in Q1 2025 were manufacturing at 26.03 per cent, information and communication at 17.51 per cent and mining and quarrying at 17.02 per cent .
“On the other hand, activities of households as employers, undifferentiated goods and services-producing activities of households for own use recorded the least share at 0.004 per cent.
“This was followed by activities of extraterritorial organisations and bodies at 0.02 per cent, and water supply, sewerage, waste management at 0.04 per cent.”
However, on a year-on-year basis, it showed that VAT collections in Q1 2025, increased by 44.24 per cent from Q1 2024.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) has clarified how foreign exchange rates are applied in its import and export valuation, saying it neither determines nor alters rates used in cargo clearance.
The service, in a statement by its National Public Relations Officer, Mr Abdullahi Maiwada, explained that it relies solely on official figures transmitted by the Central Bank of Nigeria (CBN).
Mr Maiwada stated that recent public commentary surrounding forex pricing, investor reactions, and customs valuation had prompted NCS to explain the operational framework guiding its digital clearance platform.
“It is worthy of note that the reported exchange rate of N1,451.63/US$ for February 6, 2026 did not originate from the B’Odogwu system.
“That figure was sourced from trade.gov.ng, a legacy public trade information portal that does not reflect live Customs processing data,” it stated.
According to him, all exchange rates used in trade processing are automatically integrated into its Unified Customs Management System, known as B’Odogwu, which it described as the sole official portal for declarations, clearance, and valuation.
“It is important to provide factual clarification on how exchange rates are received, processed, and applied within the NCS digital clearance system, B’Odogwu, a Unified Customs Management System which serves as the sole official platform for Customs declarations, clearance, and valuation,” the statement reads.
The NCS spokesman said the Service receives rates electronically from the apex bank and applies them uniformly across commands nationwide, ensuring transparency, predictability, and compliance with statutory fiscal and monetary policies.
He argued that NCS does not generate or manipulate exchange rates under any circumstances.
Instead, it explained that the platform operates structured data-integration protocols designed to ingest and apply exchange-rate feeds exactly as transmitted.
“For the avoidance of doubt, the Nigeria Customs Service does not independently determine, generate, alter, or apply margins to foreign exchange rates used for import and export valuation.
“All exchange rates applied within the B’Odogwu platform are official rates electronically transmitted by the Central Bank of Nigeria, which remains the competent authority for exchange rate determination under Nigeria’s monetary framework,” Mr Maiwada added.
By Aduragbemi Omiyale
To fast track the expansion of its Lagos-based refinery, Dangote Group has sealed a $400 million construction equipment deal with one of the leading manufacturers of construction machinery in China, XCMG Construction Machinery Company Limited.
A statement from the conglomerate disclosed that beyond refining, the expansion programme will see polypropylene production increase from 900,000 metric tonnes per annum to 2.4 million metric tonnes per annum.
Urea capacity in Nigeria will be tripled from 3 million to 9 million metric tonnes per annum, in addition to the 3 million metric tonnes per annum capacity in Ethiopia, strengthening the Group’s position as the largest urea producer globally.
There are plans to expand the Dangote Petroleum Refinery and Petrochemicals from 650,000 barrels per day to 1.4 million barrels per day, positioning it to become the largest refinery in the world.
The Chinese deal will enable Dangote Group to acquire additional wide range of advanced construction equipment to support ongoing and forthcoming projects across refining, petrochemicals, agriculture and large-scale infrastructure development. The new equipment will complement existing assets deployed for the refinery expansion, which is expected to be completed within three years.
Production capacity for Linear Alkyl Benzene (LAB) will also be increased to 400,000 metric tonnes per annum, positioning the Group as the largest producer in Africa and strengthening supply to the detergent and cleaning agents manufacturing industry. Additional base oil production capacity also forms part of the broader expansion programme.
Dangote Group described the agreement as a strategic investment aimed at deepening its construction footprint and accelerating its ambition to build a $100 billion enterprise by 2030.
“The additional equipment we are acquiring under this partnership will significantly enhance execution across our projects. With this investment, we are positioning ourselves to become the number one construction company in the world,” it stated.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 0.67 per cent on Monday, February 16.
During the session, the NASD Unlisted Security Index (NSI) reached another milestone after it chalked up 26.65 points to 4,001.42 points from the preceding session’s 3,974.77 points.
Equally, the market capitalisation added N15.94 billion to end the trading day at N2.394 trillion, in contrast to last Friday’s N2.378 trillion.
Yesterday, the volume of securities rose by 389.6 per cent to 46.2 million units from 9.4 million units, but the value of securities went down by 24.3 per cent to N703.6 million from N703.6 million, and the number of deals dipped 2.2 per cent to 44 deals from the preceding session’s 45 deals.
Central Securities Clearing System (CSCS) Plc was the most traded stock by value on a year-to-date basis with 31.4 million units exchanged for N1.8 billion, followed by Resourcery Plc with 1.05 billion units traded for N408.6 million, and Geo-Fluids Plc with 71.2 million units valued at N296.9 million.
Resourcery Plc finished the trading session as the most traded stock by volume on a year-to-date basis with 1.05 billion units worth N408.6 million, trailed by Geo-Fluids Plc with 71.2 million units sold for N296.9 million, and CSCS Plc with 31.4 million units sold for N1.8 billion.
During the trading session, there were four price gainers and one price loser, led by CSCS Plc, which went down by 38 Kobo to N80.09 per share versus last Friday’s closing value of N80.47 per share.
However, MRS Oil Plc increased its price by N17.00 to N187.00 per unit from N170.00 per unit, FrieslandCampina Wamco Nigeria Plc gained N5.83 to trade at N71.35 per share compared with the previous session’s N65.52 per unit, Geo-Fluids Plc appreciated by 20 Kobo to N3.50 per share from N3.30 per share, and First Mortgage Bank Plc grew by 7 Kobo to 82 Kobo per unit from N75 Kobo per unit.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn