The National Bureau of Statistics (NBS) has disclosed that Company Income Tax (CIT) collections declined by 31% in 2026, according to the latest fiscal data released by the agency.
The sharp drop in corporate tax revenue reflects a notable shift in the performance of businesses subject to CIT obligations under Nigerian law. Company Income Tax is levied on the profits of incorporated entities operating in Nigeria and represents a key component of federally collected revenue.
Further details on the sectoral breakdown, comparative quarterly performance, and the specific factors driving the decline were not immediately available from the NBS report at the time of this publication.
CIT remains one of the major non-oil revenue streams for the Federal Government, alongside Value Added Tax (VAT) and customs duties. A contraction of this magnitude is likely to draw attention from fiscal authorities and economic analysts monitoring the country's revenue diversification efforts.
Stakeholders will be watching closely for supplementary data that may explain whether the decline stems from reduced corporate profitability, changes in tax compliance levels, adjustments to tax policy, or broader macroeconomic headwinds affecting the business environment.
