Company Income Tax (CIT) payments by banks, insurance companies and other financial institutions in the country rose by 115.98 per cent, or N802.08 billion, to N1.49 trillion in 2025 from N691.59 billion in the preceding year, latest data released by the National Bureau of Statistics (NBS) shows.

New Telegraph’s analysis of CIT reports for Q1- Q425, indicates that CIT generated by the Federal Government from financial and insurance activities stood at N117.02 billion in Q1; N1.02 trillion in Q2 N206.99 billion in Q3 and N153.68 billion in Q4.

Although as the data shows, CIT payments by financial and insurance activities fell by 25.75 per cent in the last quarter of last year compared with Q3’25, the Q4’25 CIT report released by the NBS, last week, which put total CIT for Q4’25 at N1.49 trillion as against N2.96 trillion recorded for the preceding quarter, said that in terms of sectoral shares, financial and insurance activities had the largest share with 18.74 per cent.

The report said: “In Q4 2025, Company Income Tax (CIT) stood at N1.49 trillion, representing a decrease of 49.81 per cent on a quarteron-quarter basis from N2.96 trillion in Q3 2025.

The domestic CIT received was N819.83 billion, while Foreign CIT Payment stood at N668.21 billion in Q4 2025. “On a quarter-onquarter basis, activities of extraterritorial organizations and bodies recorded the highest growth rate with 75.15 per cent; followed by Education and Real estate activities with 54.20 per cent and 27.25 per cent, respectively.

On the other hand, accommodation and food service activities recorded the least growth rate (–67.11%), followed by Activities of households as employers, undifferentiated goods- and servicesproducing activities of households for own use (–63.49%) and Mining quarrying (-49.63%).

“In terms of sectoral shares, the three activities with the largest shares in Q4 2025 were Financial and insurance activities (18.74%); Manufacturing (17.30%); and Mining and quarrying (15.04%). “Conversely, activities of households as employers, undifferentiated goodsand services-producing activities of households for own use recorded the least share with 0.002%, followed by water supply, sewerage, waste management and remediation activities with 0.04; and Activities of extraterritorial organisations and bodies with 0.17 per cent.

“However, on a year-onyear basis, CIT collections in Q4 2025 increased by 13.38 per cent from Q4 2024.” Further analysis of data obtained from the NBS shows that apart from 2020 and 2021 when the effects of the Covid-19 crisis resulted in a decline in CIT generated from financial and insurance activities, the amount of income tax paid by companies in the sector has maintained an upward trend since 2015.

Thus, a breakdown of the data shows that financial and insurance activities generated N691.59 billion as CIT in 2024; N458.85 billion in 2023, N208.93 billion in 2022; N133.19 billion in 2021; N96.40 billion in 2020; N142.69 billion in 2019; N140.08 billion in 2018; N137.72 billion in 2017; N123.91 billion in 2016 and N110.93 billion in 2015. Also, data obtained from the NBS indicates that inflows generated from the CIT over the years remain the most important revenue source for the government.