The National Bureau of Statistics (NBS) has reported that Nigeria's Company Income Tax (CIT) collections amounted to N1.37 trillion in the first quarter of 2026. This figure represents an 8.08% decline compared to the N1.49 trillion recorded in the fourth quarter of 2025.
Key Findings from the CIT Report
The latest CIT report from the NBS reveals that total collections were driven by contributions from both domestic and foreign companies operating across various sectors of the economy.
Breakdown of CIT Revenue
Domestic CIT contributed N538.91 billion, while foreign CIT payments accounted for N828.82 billion during the quarter under review.
On a sectoral growth basis, water supply, sewerage, waste management, and remediation activities recorded the highest growth rate at 485.71%. This was followed by activities of households as employers and undifferentiated goods-and-services-producing activities of households for own use, which grew by 197.04%.
Agriculture, forestry, and fishing posted growth of 73.52%, while construction experienced a steep decline of 63.15%.
Sectoral Contributions
Financial and insurance activities emerged as the largest contributor to CIT, accounting for 24.73% of total collections. Mining and quarrying followed with 16.06%, and manufacturing contributed 13.82%.
At the lower end, activities of households as employers made up just 0.01%, while activities of extraterritorial organisations and bodies contributed 0.13%, and water supply, sewerage, waste management, and remediation activities accounted for 0.38%.
Year-on-Year Comparison
On a year-on-year basis, CIT collections in Q1 2026 declined by 31.05% compared to Q1 2025, reflecting sustained pressure on corporate earnings across several sectors.
Top 10 Paying Sectors
- Financial & Insurance Activities: N133.27 billion
- Mining & Quarrying: N86.55 billion
- Manufacturing: N74.48 billion
- Information & Communication: N63.62 billion
- Public Administration & Defence: N41.99 billion
- Wholesale & Retail Trade: N28.21 billion
- Transportation & Storage: N26.20 billion
- Other Service Activities: N13.83 billion
- Construction: N9.92 billion
- Arts, Entertainment & Recreation: N8.09 billion
Company Income Tax is a tax imposed on the profits of registered companies operating in Nigeria. The decline in Q1 2026 highlights ongoing challenges in the business environment.
