Nigeria Records N1.37trn Company Income Tax in Q1 2026
- Company Income Tax in Nigeria fell to N1.37 trillion in Q1 2026, a 8.08% quarter-on-quarter decline
- Data breakdown shows domestic companies paid N538.91 billion, while foreign payments were N828.82 billion
- Financial services, mining, and manufacturing led sectoral contributions, while households recorded the smallest shares
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The National Bureau of Statistics (NBS) has revealed that Nigeria’s Company Income Tax (CIT) collections stood at N1.37 trillion in Q1 2026, representing an 8.08% decline from the N1.49 trillion recorded in Q4 2025.
This was disclosed in the bureau’s latest Company Income Tax report covering Q1 2026.
Source: Getty Images
The data shows that total CIT collections were driven by both domestic and foreign payments across key sectors of the economy.
Company Income Tax (CIT) is a tax imposed on the profits of registered companies operating in Nigeria.
Breakdown of CIT revenue
Domestic CIT accounted for N538.91 billion, while foreign CIT payments stood at 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%, followed by activities of households as employers and undifferentiated goods-and-services-producing activities of households for own use at 197.04%.
Agriculture, forestry and fishing recorded weaker growth at 73.52%, while construction declined sharply by –63.15% during the period.
In terms of sectoral contribution, financial and insurance activities emerged as the largest contributor to CIT with 24.73%, followed by mining and quarrying at 16.06%, and manufacturing at 13.82%.
At the lower end, activities of households as employers accounted for just 0.01%, while activities of extraterritorial organisations and bodies contributed 0.13%, and water supply, sewerage, waste management and remediation activities made up 0.38%.
Meanwhile, 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.
Source: Getty Images
Top 10 paying company income tax sectors
- Financial & Insurance Activities: N133.27bn
- Mining & Quarrying: N86.55bn
- Manufacturing: N74.48bn
- Information & Communication: N63.62bn
- Public Administration & Defence: N41.99bn
- Wholesale & Retail Trade: N28.21bn
- Transportation & Storage: N26.20bn
- Other Service Activities: N13.83bn
- Construction: N9.92bn
- Arts, Entertainment & Recreation: N8.09bn
10 things Nigerian law says about tax payment
Earlier, Legit.ng reported that when Nigeria’s new tax reforms were announced ahead of their 2026 rollout, Nigerians living abroad expressed concerns, amplified by several social media posts, that foreign income and remittances would soon be taxed.
For many in the diaspora who regularly support family members back home, the fear was immediate and personal.
This was quickly debunked by the Presidential Fiscal Policy and Tax Reforms Committee in a clarification released on X that much of that concern is based on misinformation.
Source: Legit.ng
