Abuja – November 29, 2025
Nigeria’s corporate sector delivered a blockbuster performance in the first half of 2025, paying a record N4.76 trillion in Company Income Tax (CIT), a massive 38.04% jump from the same period in 2024, according to fresh data released by the National Bureau of Statistics (NBS) on Thursday.
The surge signals renewed investor confidence and stronger profitability across banking, telecommunications, oil & gas, and manufacturing, despite persistent inflationary pressures and foreign exchange challenges.
Tinubu Sets Up High-Powered Committee to Simplify Taxes, Plug Leakages
President Bola Tinubu has inaugurated the Presidential Committee on Fiscal Policy and Tax Reforms, chaired by Taiwo Oyedele, with a clear mandate: overhaul Nigeria’s complex tax system, eliminate multiple taxation, and widen the revenue net without burdening ordinary citizens.
Speaking at the committee’s formal launch in Abuja, the President directed members to fast-track recommendations that will make compliance easier for businesses while significantly boosting non-oil revenue. “We cannot continue to run an economy on borrowed money. Taxation must be fair, simple, and efficient,” Tinubu stated.
The committee is expected to submit its final report before the end of Q1 2026.
End of Raw Export Era: 30% Local Processing Now Mandatory
In a bold move to force value addition and create millions of jobs, the Federal Government has announced an impending ban on the export of all unprocessed solid minerals and agricultural commodities. Under the new policy, exporters must process at least 30% of output locally before shipping the remainder.
The Minister of Solid Minerals Development, Dele Alake, and his Agriculture counterpart, Abubakar Kyari, jointly disclosed the plan, saying it will end decades of “resource curse” and raw export wastage. Lithium, cocoa, sesame, cashew, and other high-demand commodities are top priorities.
Tech Giants Double Down on Nigeria
Google Nigeria has committed N3 billion in 2025–2026 toward expanding AI skills training, digital safety programs, and support for local content creators under its “Google for Nigeria” initiative. Country Director Olumide Balogun said the funds will train over 200,000 young Nigerians in AI fundamentals and online safety.
Meanwhile, ride-hailing platform inDrive announced it will invest over N1 billion next year exclusively on driver welfare, including health insurance, vehicle financing at single-digit rates, and emergency support funds.
OPay Quells Panic, Customs Seize $2.2m Undeclared Cash
Leading fintech OPay moved quickly to dismiss viral social media rumors claiming customer accounts were being wiped. In a statement, the company reassured millions of users that all funds remain safe and accounts fully operational, urging the public to ignore “malicious misinformation.”
In security news, the Nigeria Customs Service revealed it intercepted $2.2 million (approximately N3.6 billion) in undeclared cash at the nation’s international airports between January and July 2025 alone. The service says enhanced currency declaration enforcement and intelligence sharing with the EFCC are yielding results.
Lagos Police Bust Fake Naira and Adulterated Diesel Syndicate
Operatives of the Lagos State Police Command arrested 26 suspects in multiple raids across the state for possession and circulation of counterfeit naira notes and distribution of adulterated
Automotive Gas Oil (diesel). Over N85 million in fake currency and several trucks of contaminated diesel were recovered.
Command spokesman Benjamin Hundeyin confirmed the arrests, stating that the syndicates were responsible for flooding markets with substandard fuel and fake notes, causing significant economic sabotage.
As Nigeria closes out 2025 with stronger fiscal numbers and sweeping policy reforms, analysts say the combination of higher corporate tax yields, forced local processing, and private-sector digital investments could mark the turning point toward sustainable, non-oil driven growth.
Nigeria’s Economy Roars Back: N4.76 Trillion CIT in Six Months as Tinubu Launches Tax Overhaul and Raw Export Ban
