Nigeria generated a total of ₦2.78 trillion from Company Income Tax (CIT) in the second quarter of 2025, according to data released by the National Bureau of Statistics (NBS). The figure represents a 40.27% increase from the ₦1.98 trillion collected in the first quarter of the year and a 12.66% rise compared to the same period in 2024.
The NBS report shows that domestic companies were the primary contributors, paying ₦2.31 trillion, while foreign firms operating in Nigeria remitted ₦469.36 billion.
A breakdown of sectoral contributions reveals that the financial and insurance sector dominated CIT payments, accounting for 44.13% of the total collection. This was followed by manufacturing, which contributed roughly 15.6%, and mining and quarrying, which recorded about 9.2%. Conversely, sectors such as education and public administration posted comparatively lower tax contributions.
The significant rise in CIT revenue bolsters the federal government’s non-oil earnings at a time when diversification efforts are increasingly critical. Analysts say the surge could indicate improved corporate performance, stronger tax compliance, and enhanced enforcement measures by tax authorities.
The development is seen as a positive signal for government revenue stability amid ongoing fiscal reforms. Visit www.jocomms.com for more news.
