Manufacturing and Mining Lead N2.96trn Tax Haul
Nigeria’s treasury grew by N2.96 trillion in the third quarter of 2025 through Company Income Tax. According to the National Bureau of Statistics (NBS), the Q3 figure represents an eight percent increase from the N2.78 trillion recorded in the second quarter of 2025. Local businesses provided N920.91 billion of this sum while foreign firms contributed N852.29 billion. The manufacturing sector remains the primary engine of this revenue. It accounted for over a quarter of the total collections on its own.
The combined force of manufacturing, mining, and telecommunications now provides nearly 60% of all corporate tax. Manufacturing led the pack with a contribution of N271.34 billion. This sector stays at the front of domestic non-oil revenue efforts. Mining and quarrying followed closely with N244.86 billion in payments. Extractive activities clearly remain a cornerstone of national fiscal stability.
Financial and insurance services secured the third spot by providing N207 billion. Banks appear buoyed by the conclusion of recent recapitalisation exercises. This sector consistently acts as a reliable pillar for the tax net. Information and communication firms added another N80.17 billion to the pool. Digital expansion continues to drive steady growth in this specific area.
Public administration and defence contributed N51.49 billion to the quarterly total. This figure suggests high levels of compliance within government-related bodies. Logistics and trade needs pushed the transportation sector to remit N40.66 billion. Construction firms managed a N35.20 billion contribution despite rising material costs. Infrastructure projects across the country keep this industry relevant to the taxman.
The primary sector shows signs of formalisation as agriculture paid N28.77 billion. Even the creative economy is now leaving a visible mark on the national accounts. Arts, entertainment, and recreation services contributed N26.26 billion during the period. Other service activities rounded out the top ten with N19.71 billion. These figures show a tax base that is slowly widening.
The 2025 Tax Act maintains a 30% rate on the profits of incorporated companies. Rising tax receipts suggest that large firms are finding ways to remain profitable. However, the heavy reliance on just three sectors reveals a concentrated risk. The government needs this momentum to persist in funding its rising budget deficits. Reliance on corporate profit remains a gamble in a volatile market.