Foreign Currency Taxes Surge to N6.33tn in 2025

Nigeria’s foreign currency-denominated tax receipts rose sharply to ₦6.33 trillion in 2025, reflecting higher contributions from multinational firms and the impact of exchange rate reforms, according to data from the National Bureau of Statistics (NBS).

The figure marks a 27.3% increase from ₦4.97 trillion in 2024, underscoring the government’s growing reliance on foreign-currency-linked inflows amid naira volatility.

Breakdowns show that foreign currency payments accounted for 35.5% of total VAT and CIT collections, which together stood at ₦17.83 trillion in 2025.

VAT collections rose from ₦6.72 trillion in 2024 to ₦8.61 trillion in 2025, while CIT increased from ₦7.66 trillion to ₦9.22 trillion. Of this, foreign-currency VAT grew to ₦2.10 trillion, while foreign-currency CIT climbed to ₦4.23 trillion.

Quarterly CIT data revealed volatility: ₦1.34 trillion in Q1, dropping to ₦469 billion in Q2, rebounding to ₦1.75 trillion in Q3, before moderating to ₦668 billion in Q4.

Analysts say the rising share of foreign-currency receipts reflects Nigeria’s shift toward sectors with dollar-denominated revenues, including oil, gas, telecoms, financial services, and exporters.

The naira’s market-reflective regime boosted the local value of foreign transactions, thereby increasing tax collections.

Import VAT also rose from ₦1.59 trillion to ₦2.03 trillion, while local VAT excluding imports grew to ₦4.48 trillion.

Domestic CIT payments also expanded to ₦4.99 trillion, but the faster growth in foreign-currency components highlights a structural shift in Nigeria’s tax base toward globally exposed sectors.