Nigeria’s Company Income Tax (CIT) revenue surged to N2.78 trillion in the second quarter of 2025, marking a strong 40.27 per cent increase from the N1.98 trillion collected in Q1.
The data, released in the latest sectoral report by the National Bureau of Statistics (NBS), shows improved tax compliance and stronger corporate earnings across major sectors.
Domestic firms drive growth
Domestic CIT payments accounted for the bulk of the revenue at N2.31 trillion, while foreign CIT contributions stood at N469.36 billion.
Biggest movers
The financial and insurance sector posted the most dramatic growth, soaring by 772.29 per cent quarter-on-quarter. The jump reflects strong half-year profits from banks, fintechs and insurance companies.
Wholesale and retail trade, including motor vehicle repairs, followed with a growth of 538.38 per cent, while households as employers rose 526.79 per cent, though their overall impact on CIT remained minimal.
Sectors in decline
Not all sectors recorded gains.
- Activities of extraterritorial organisations fell by 45.01 per cent
- Education dropped – 26.61 per cent
- Public administration, defence and social security declined – 18.17 per cent
The reductions, particularly in government-funded sectors, underline ongoing fiscal and structural challenges.
Top contributors to total CIT
- Financial & Insurance Activities: 44.13 per cent
- Manufacturing: 15.57 per cent
- Mining & Quarrying: 9.18 per cent
At the bottom were water supply and remediation services (0.04%) and households as employers (0.01%).
Steady year-on-year growth
Despite macroeconomic pressures, CIT revenue rose by 12.66 per cent year-on-year, signalling a gradual improvement in government revenue mobilisation.
