November 28, (THEWILL) — Nigeria’s company income tax (CIT) revenue rose sharply in the first half of 2025, climbing by 38 percent, compared to the same period last year, according to new data released by the National Bureau of Statistics (NBS).
In its latest CIT report, the NBS said the surge reflects improved tax compliance, increased corporate profitability, and enhanced enforcement measures by the Federal Inland Revenue Service (FIRS). The bureau noted that both local and foreign companies contributed to the upswing, with major sectors such as manufacturing, finance, telecommunications, and professional services posting strong remittances.
Analysts say the growth in CIT revenue could provide much-needed fiscal relief for the federal government, which has been working to expand its non-oil revenue base amid fluctuating crude prices and rising expenditure obligations.
Tax experts also attribute the increase to ongoing digital reforms at FIRS, which have streamlined filing processes and reduced leakages. However, they caution that sustaining the revenue momentum will require continued economic stability and supportive business policies.
The NBS report further shows that the second quarter of 2025 recorded a notable uptick compared to the first, suggesting rising corporate activity and consumer demand within the period.
With the federal government intensifying efforts to boost revenue through improved tax administration, observers say the latest figures signal a positive outlook for Nigeria’s fiscal position heading into the second half of the year.
Ogochukwu Onwaeze
