Get Guardian on GoogleThe difficult operating environment in the country has pushed down the revenue from company income tax (CIT) by 31.05 per cent in the last one year.
The National Bureau of Statistics (NBS), in its first quarter (Q1) CIT report,
showed that revenue from CIT plunged to N1.37 trillion, a 31.05 per cent
decline from N1.98 trillion generated in Q1 2025.
On a quarter-on-quarter basis, it also fell by 8.08 per cent from N1.49 trillion realised in Q4 2025.
The report also showed that revenue from value-added tax (VAT) rose to N2.42 trillion, an increase of 17.06 per cent from N2.06 trillion recorded in Q1 2025.
On a quarter-on-quarter basis, it also increased by 9.98 per cent from N2.2 trillion recorded in Q4 2025.
NBS reported that domestic CIT contributed N538.91 billion, while foreign CIT payment accounted for N828.82 billion during the quarter.
In terms of sectoral shares, the activities with the largest shares were financial and insurance activities with 24.73 per cent, mining and quarrying with 16.06 per cent and manufacturing trailed with 13.82 per cent.
Revenue from CIT has been fluctuating in recent times owing to the harsh economic environment that has seen businesses either scaling down their operations, relocating from the country or shutting down completely.
In Q4 2025, CIT revenue stood at N1.49 trillion, representing a decrease of 49.81 per cent on a quarter-on-quarter basis from N2.96 trillion recorded in Q3.
Although CIT recorded a growth in Q3 2025 with a marginal growth of 6.55 per cent, hitting N2.96 trillion above the N2.78 trillion received in Q2 2025, the expansion was driven by foreign payments, which contributed N1.75 trillion, while domestic CIT was N1.21 trillion.
