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By Daniel Adaji
Company Income Tax (CIT) revenue rose to N2.96 trillion in the third quarter of 2025, marking a 67.19 per cent increase compared to the same period in 2024, the National Bureau of Statistics (NBS) has said.
The bureau disclosed this in its latest report released on Wednesday, detailing tax collections for Q3 2025. The figure also represents a 6.55 percent increase quarter-on-quarter from the N2.78 trillion recorded in the second quarter of 2025.
According to the NBS, foreign companies accounted for the larger share of the revenue, contributing N1.75 trillion, or 59.12 per cent of the total CIT generated during the period. Domestic companies paid N1.21 trillion, representing 40.87 per cent.
On sectoral performance, arts, entertainment and recreation activities recorded the highest quarter-on-quarter growth rate at 41.98 per cent.
Accommodation and food service activities followed with 37.11 per cent, while mining and quarrying posted a 15.36 percent increase.
However, some sectors recorded significant declines. Activities of households as employers and undifferentiated goods- and services-producing activities for own use dropped by 83.88 per cent. Financial and insurance activities fell by 79.72 per cent, while construction declined by 66.52 per cent.
In terms of overall contribution, manufacturing led with 22.43 percent of total CIT revenue, followed by mining and quarrying at 20.24 per cent, and financial and insurance activities at 17.11 per cent. Activities of households as employers recorded the least share at 0.003 per cent, while water supply, sewerage, waste management and remediation activities accounted for 0.04 per cent, and extraterritorial organisations and bodies contributed 0.07 per cent.