Nigeria’s Company Income Tax (CIT) revenue surged to N2.78 trillion in the second quarter of 2025, marking a 40.27% rise from the N1.98 trillion collected in the first quarter, according to the National Bureau of Statistics (NBS).
The bureau attributed the increase to stronger corporate performance and improved tax compliance across major sectors of the economy.
Domestic CIT payments accounted for the bulk of the revenue at N2.31 trillion, while foreign collections amounted to N469.36 billion.
The financial and insurance sector recorded the most dramatic quarter-on-quarter growth at 772.29%, driven by strong profitability in banks, fintech firms, and insurance companies following robust half-year earnings.
Wholesale and retail trade, including motor vehicle repair services, grew by 538.38%, while activities of households as employers increased by 526.79%, though their overall share remained minimal.
Several sectors, however, posted steep declines. CIT from extraterritorial organisations fell by –45.01%, while education, public administration, defence and compulsory social security dropped by –26.61% and –18.17% respectively.
The declines point to ongoing fiscal and structural challenges facing government-dependent institutions.
In terms of contributions to total CIT revenue, the financial and insurance sector dominated with 44.13%, reflecting sustained expansion and strong capital inflows.
Manufacturing followed with 15.57%, supported by improved production levels and better supply-chain efficiency.
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