Manufacturers paid N74.48bn in Company Income Tax in the first quarter of 2026 as the Federal Government and the organised private sector seek to balance increased tax compliance with stronger protection for businesses under the new tax regime.
Saturday PUNCH found that N74.48bn paid by manufacturers accounted for 13.82 per cent of the N538.91bn total local Company Income Tax collected during the period, according to data from the National Bureau of Statistics.
However, the sector’s tax remittance fell by 30.98 per cent year-on-year from N107.90bn in Q1 2025, highlighting the changing tax landscape as the four new tax laws introduced a simplified framework for businesses from January 1, 2026.
The Federal Government and the Manufacturers Association of Nigeria agree that the reforms should ensure that manufacturers meet their tax obligations without facing the multiple assessments, levies and administrative costs that previously burdened the productive sector.
Following a recent presentation to manufacturers, the Executive Secretary of the Joint Revenue Board, Olusegun Adesokan, said the new tax framework fundamentally changed manufacturers’ position within the tax system.
