The latest statistics from the National Bureau of Statistics (NBS) reveals that Nigeria’s corporate income tax collections continue to be dominated by the financial sector, underscoring its pivotal role in government revenue generation.

According to the NBS Corporate Income Tax report for the second quarter of 2025, the financial and insurance sector contributed the highest amount, accounting for ₦1.02 trillion in tax revenue. The figure is nearly three times higher than the next highest contributor, reflecting the sector’s significant profitability and robust regulatory compliance.

Following the financial sector, the manufacturing industry generated ₦360.20 billion, while the mining and quarrying sector contributed ₦212.27 billion.

The wholesale and retail trade sector also made a notable contribution, providing ₦139.87 billion in corporate tax.

The construction sector followed closely with ₦105.11 billion, and the information and communication sector added ₦99.62 billion.

Meanwhile, transportation and storage services contributed ₦89.10 billion, highlighting the growing importance of logistics and mobility in the Nigerian economy.

Other significant contributors included other services at ₦54.22 billion, public administration and defence with ₦47.71 billion, agriculture at ₦43.87 billion, and the professional and technical services sector contributing ₦43.14 billion. The electricity and energy sector rounded out the top 12 contributors with ₦24.68 billion.

Analysts say these figures reflect both the diversified nature of Nigeria’s economy and the continued emphasis on strengthening tax compliance across sectors. The dominance of the financial and manufacturing sectors in corporate tax collections also underscores their critical roles in driving economic growth and fiscal stability.

The NBS data, compiled under the #Statisense initiative, provides a detailed view of revenue generation trends and offers policymakers insights for targeted economic planning and resource allocation.

As the government continues to pursue fiscal consolidation, these sectoral contributions highlight key areas of strength and opportunities for boosting non-oil revenue streams in the medium to long term.

 

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