Economy
VAT Rises 14.2% to N1.78trn as CIT Slumps 28.2% to N1.77trn in Q3 2024
By Adedapo Adesanya
Value Added Tax (VAT) payments made in Nigeria rose by 14.2 per cent in the third quarter (Q3) of 2024 to N1.78 trillion from the N1.56 trillion recorded in the second quarter (Q2) of 2024, according to the National Bureau of Statistics (NBS).
VAT is a consumption tax levied on goods and services, usually at each stage of production or distribution where value is added. In Nigeria, VAT is currently at 7.5 per cent as amended in the Finance Act of 2019.
A breakdown showed that local payments recorded were N922.87 billion, Foreign VAT Payments were N448.85 billion, while import VAT contributed N410.62 billion in Q3 2024.
However, on a year-on-year basis, VAT collections in Q3 2024 increased by 88 per cent from Q3 2023
On a quarter-on-quarter basis, human health and social work activities recorded the highest growth rate with 250.4 per cent, followed by the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with 102.1 per cent.
On the other hand, water supply, sewerage, waste management and remediation activities had the lowest growth rate with a negative 41.9 per cent drop, followed by activities of extraterritorial organizations and bodies with 36.1 per cent.
In terms of sectoral contributions, the top three largest shares in Q3 2024 were manufacturing with 22.2 per cent; information and communication with 20.9 per cent; and mining & quarrying activities with 18.9 per cent.
Nevertheless, the NBS data showed that activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01 per cent, followed by activities of extraterritorial organizations and bodies with 0.01 per cent and water supply, sewerage, waste management, and remediation activities with 0.03 per cent.
In a related development, Company Income Tax (CIT) for the quarter under review was reported at N1.77 trillion, indicating a slump of 28.2 per cent on a quarter-on-quarter basis from N2.47 trillion in Q2 2024. However, on a year-on-year basis, CIT collections in Q3 2024 increased by 1.37% from Q3 2023.
CIT refers to taxes imposed on the profit of companies domiciled in the country. It is charged on net profit after other expenses and deductions have been removed from the revenue.
Local payments received in Q3 were N920.91 billion, while Foreign CIT Payment contributed N852.29 billion in Q3 2024.
On a quarter-on-quarter basis, electricity, gas, steam and air conditioning supply recorded the highest growth rate with 47.5 per cent, followed by public administration and defence and compulsory social security with 19.3 per cent.
On the other hand, accommodation and food service activities had the lowest growth rate as it receded by 73.3 per cent, followed by financial and insurance activities with a 70.0 per cent slide.
In terms of sectoral contributions, the top three largest shares in Q3 2024 were manufacturing with 25.5 per cent, followed by mining and quarrying with 18.4 per cent; and information and communication with 15.1 per cent.
Nevertheless, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.004 per cent, followed by water supply, sewerage, waste management, and remediation activities with 0.03 per cent and Activities of extraterritorial organizations and bodies with 0.08 per cent.
By Adedapo Adesanya
The domestic supply of Premium Motor Spirit (PMS), also known as petrol, from the Dangote Refinery increased by 64.4 percent in December 2025, contributing to an enhancement in Nigeria’s overall petrol availability.
This is according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in its December 2025 Factsheet Report released on Thursday.
The downstream regulatory agency revealed that the private refinery raised its domestic petrol supply from 19.47 million litres per day in November 2025 to an average of 32.012 million litres per day in December, as it quelled any probable fuel scarcity associated with the festive month.
The report attributed the improvement to more substantial capacity utilisation at the Lagos-based oil facility, which reached a peak of 71 per cent in December.
The increased output from Dangote Refinery contributed to a rise in Nigeria’s total daily domestic PMS supply to 74.2 million litres in December, up from 71.5 million litres per day recorded in November.
The authority also reported a sharp increase in petrol consumption, rising to 63.7 million litres per day in December 2025, up from 52.9 million litres per day in the previous month.
In contrast, the domestic supply of Automotive Gas Oil (AGO) known as diesel declined to 17.9 million litres per day in December from 20.4 million litres per day in November, even as daily diesel consumption increased to 16.4 million litres per day from 15.4 million litres per day.
Liquefied Petroleum Gas (LPG) supply recorded modest growth during the period, rising to 5.2 metric tonnes per day in December from 5.0 metric tonnes per day in November.
Despite the gains recorded by Dangote Refinery and modular refineries, the NMDPRA disclosed that Nigeria’s four state-owned refineries recorded zero production in December.
It said the Port Harcourt Refinery remained shut down, though evacuation of diesel produced before May 24, 2025, averaged 0.247 million litres per day. The Warri and Kaduna refineries also remained shut down throughout the period.
On modular refineries, the report said Waltersmith Refinery (Train 2 with 5,000 barrels per day) completed pre-commissioning in December, with hydrocarbon introduction expected in January 2026. The refinery recorded an average capacity utilisation of 63.24 per cent and an average AGO supply of 0.051 million litres per day
Edo Refinery posted an average capacity utilisation of 85.43 per cent with AGO supply of 0.052 million litres per day, while Aradel recorded 53.89 per cent utilisation and supplied an average of 0.289 million litres per day of AGO.
Total AGO supply from the three modular refineries averaged 0.392 million litres per day, with other products including naphtha, heavy hydrocarbon kerosene (HHK), fuel oil, and marine diesel oil (MDO).
The report listed Nigeria’s 2025 daily consumption benchmarks as 50 million litres per day for petrol, 14 million litres per day for diesel, 3 million litres per day for aviation fuel (ATK), and 3,900 metric tonnes per day for cooking gas.
Actual daily truck-out consumption in December stood at 63.7 million litres per day for petrol, 16.4 million litres per day for diesel, 2.7 million litres per day for ATK and 4,380 metric tonnes per day for cooking gas.
By Adedapo Adesanya
The Securities and Exchange Commission (SEC) has introduced a comprehensive revision of minimum capital requirements for nearly all capital market operators, marking the most significant overhaul since 2015.
The changes, outlined in a circular issued on January 16, 2026, obtained from its website on Friday, replace the previous regime. Operators have been given until June 30, 2027, to comply.
The SEC stated that the reforms aim to strengthen market resilience, enhance investor protection, discourage undercapitalised operators, and align capital adequacy with the evolving risk profile of market activities.
According to the circular, “The revised framework applies to brokers, dealers, fund managers, issuing houses, fintech firms, digital asset operators, and market infrastructure providers.”
Some of the key highlights of the new reforms include increment of minimum capital for brokers from N200 million to N600 million while for dealers, it was raised to N1 billion from N100 million.
For broker-dealers, they are to get N2 billion instead of the previous N300 million, reflecting multi-role exposure across trading, execution, and margin lending.
The agency said fund and portfolio managers with assets above N20 billion must hold N5 billion, while mid-tier managers must maintain N2 billion with private equity and venture capital firms to have N500 million and N200 million, respectively.
There was also dynamic rule as firms managing assets above N100 billion must hold at least 10 per cent of assets under management as capital.
“Digital asset firms, previously in a regulatory grey area, are now fully covered: digital exchanges and custodians must maintain N2 billion each, while tokenisation platforms and intermediaries face thresholds of N500 million to N1 billion. Robo-advisers must hold N100 million.
“Other segments are also affected: issuing houses offering full underwriting services must hold N7 billion, advisory-only firms N2 billion, registrars N2.5 billion, trustees N2 billion, underwriters N5 billion, and individual investment advisers N10 million. Market infrastructure providers carry some of the highest obligations, with composite exchanges and central counterparties required to maintain N10 billion each, and clearinghouses N5 billion,” the SEC added.
By Aduragbemi Omiyale
The founder and chief executive of Austin Laz and Company Plc, Mr Asimonye Austin Lazarus Azubuike, has sold off about 52.24 million shares of the organisation.
The stocks were offloaded in 11 tranches at an average price of N4.36 per unit, amounting to about N227.8 million.
The transactions occurred between December 2025 and January 2026, according to a notice filed by the company to the Nigerian Exchange (NGX) Limited on Friday.
Business Post reports that Austin Laz is known for producing ice block machines, aluminium roofing, thermoplastics coolers, PVC windows and doors, ice cream machines, and disposable plates.
The firm evolved from refrigeration sales to diverse manufacturing since its incorporation in 1982 in Benin City, Edo State, though facing recent operational halts.
According to the statement signed by company secretary, Ifeanyi Offor & Associates, Mr Azubuike first sold 1.5 million units of the equities at N2.42, and then offloaded 2.4 million units at N2.65, and 2.0 million units at N2.65.
In another tranche, he sold another 2.0 million units at a unit price of N2.91, and then 5.0 million units at N3.52, as well as about 4.5 million at N3.87 per share.
It was further disclosed that the owner of the company also sold 9.0 million shares at N4.25, and offloaded another 368,411 units at N4.66, then in another transaction sold about 6.9 million units at N4.67.
In the last two transactions he carried out, Mr Azubuike first traded 10.0 million units equities at N5.13, with the last being 8.5 million stocks sold at N5.64 per unit.
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