Nigeria's Foreign Currency Tax Receipts Hit N6.33 Trillion

In 2025, Nigeria recorded a significant increase in foreign currency tax receipts, reaching N6.33 trillion, which represents a 27.3% rise from N4.97 trillion in 2024. This growth was largely attributed to higher corporate income tax (CIT) payments related to foreign currency transactions, with foreign currency tax inflows amounting to approximately $1.19 billion year-on-year.

The total tax collection for the period included N8.61 trillion from Value Added Tax (VAT) and N9.22 trillion from CIT, indicating that foreign currency tax receipts accounted for a substantial share of these totals. The breakdown revealed that foreign currency CIT alone contributed N4.23 trillion in 2025, a 34.8% increase from N3.14 trillion in 2024.

The corporate income tax remained the largest driver of these receipts, reflecting the dominance of multinational and export-oriented firms in Nigeria's tax structure. The data also highlighted the volatility of foreign currency tax inflows, with quarterly collections varying significantly throughout the year.