Nigeria's Foreign Currency Tax Receipts Surge to ₦6.33 Trillion

Nigeria's foreign currency tax receipts increased significantly to ₦6.33 trillion in 2025, marking a 27.3% rise from ₦4.97 trillion in 2024. This growth is attributed to heightened reliance on foreign currency-linked tax inflows amid ongoing currency volatility.

The National Bureau of Statistics reported that foreign currency tax payments accounted for a substantial share of total tax collections, with total VAT collections rising from ₦6.72 trillion in 2024 to ₦8.61 trillion in 2025. The combined total of VAT and corporate income tax reached approximately ₦17.83 trillion in 2025.

Notably, foreign currency VAT payments increased from ₦1.83 trillion in 2024 to ₦2.10 trillion in 2025, while corporate income tax from foreign currency sources rose from ₦3.14 trillion to ₦4.23 trillion in the same period. The report highlights a structural shift in Nigeria's tax base towards sectors exposed to foreign exchange, driven by exchange rate reforms that improved the naira's value against foreign transactions.