Nigeria collected ₦34.6 trillion in company income tax over 11 years

Key Takeaways

  • Nigeria collected ₦34.62 trillion in company income tax across 45 quarters from Q1 2015 to Q1 2026.
  • Average quarterly collection stood at about ₦769 billion over the period.
  • CIT collections stayed below ₦1 trillion in every quarter until Q2 2023.
  • Since Q2 2024, collections have remained above ₦1 trillion for eight straight quarters.
  • The highest quarterly collection was ₦2.96 trillion in Q3 2025.
  • Annual CIT collections rose sharply from ₦2.82 trillion in 2022 to ₦9.21 trillion in 2025.
  • The recent surge is nominal and likely reflects stronger collections, inflation, naira depreciation, and higher naira-value foreign CIT receipts.

Nigeria collected ₦34.62 trillion in company income tax across 45 quarters between Q1 2015 and Q1 2026, averaging about ₦769 billion per quarter.

Collections remained below ₦1 trillion in every quarter until Q2 2023. After briefly falling to ₦980 billion in Q1 2024, they rose above ₦1 trillion in Q2 2024 and have remained above that level for eight consecutive quarters, reaching a record ₦2.96 trillion in Q3 2025.

Annual collections increased from ₦1.39 trillion in 2015 to ₦2.82 trillion in 2022, before rising sharply to ₦4.90 trillion in 2023, ₦6.53 trillion in 2024 and ₦9.21 trillion in 2025.

Quarterly patterns also show that Q2 produced the highest average collection at about ₦975 billion, followed by Q3 at ₦919 billion. Q4 averaged ₦619 billion, while Q1 had the lowest average at ₦581 billion.

However, these are nominal naira figures. The sharp increase in recent years likely reflects a combination of stronger tax collections, higher corporate profits in some sectors, inflation and the depreciation of the naira, which increased the naira value of foreign company income tax receipts.

Source:

National Bureau of Statistics

Period:

Q1 2015-Q1 2026
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  • Mining and agriculture declined by 39.4% and 40.8%, respectively.
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Local companies have consistently contributed most of Nigeria’s Company Income Tax payments since 2016
  • Local companies dominated CIT contributions in most years, accounting for over 50% of payments in 9 of 11 periods between 2015 and 2025 (Q1–Q3).
  • Foreign companies briefly closed the gap in 2023, contributing 49%, the closest they have come to matching local firms.p
  • Local companies recorded their strongest share in 2021 at 65%, marking the widest gap between local and foreign contributors.
  • “Other payments” peaked during the pandemic, rising to 17% in 2020 before dropping to 0% from 2022 onward.
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