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NBS Reports CIT Drops by 31% Nationwide as VAT Revenue Climbs to ₦2.42trn

Economic analysts blame tough business climate for declining company income tax, while VAT collections reach record levels in Q1 2026

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Economic analysts blame tough business climate for declining company income tax, while VAT collections reach record levels in Q1 2026

Company income tax (CIT) revenue in Nigeria declined sharply by 31.05 percent year-on-year to ₦1.37 trillion in the first quarter of 2026, according to a new report from the National Bureau of Statistics (NBS) released on Saturday. The figures show a significant fall from the ₦1.98 trillion recorded in Q1 2025, underscoring the impact of Nigeria’s challenging operating environment on business profitability.

The NBS data also revealed that CIT fell by 8.08 percent on a quarter-on-quarter basis, dropping from ₦1.49 trillion in Q4 2025 to ₦1.37 trillion in the latest quarter. In contrast, value-added tax (VAT) revenue surged to ₦2.42 trillion during the same period, representing a year-on-year increase of 17.06 percent compared to ₦2.06 trillion in Q1 2025. Quarter-on-quarter, VAT collection was also up by nearly 10 percent from ₦2.2 trillion in Q4 2025.

Economic experts say the steep drop in CIT reflects mounting pressures on companies nationwide, including high production costs, inflationary trends, and persistent naira volatility. Many businesses, especially those in manufacturing and services sectors, have faced operational hurdles due to rising energy prices and foreign exchange challenges over the past year.

While presenting the report, NBS officials noted that the rise in VAT collections suggests that consumer spending on taxable goods and services remains resilient despite broader economic headwinds. The agency stated that “VAT performance points to increased compliance and improved collection mechanisms,” though it acknowledged that inflation may be pushing up nominal VAT receipts even as real consumption stagnates.

Economists have called for urgent policy interventions to support businesses struggling with profitability challenges and preserve jobs across key sectors. They argue that sustained declines in CIT could affect government revenue projections for infrastructure and social spending in the current fiscal year. The federal government is expected to review tax policies as part of ongoing economic reforms aimed at restoring growth and strengthening public finances.

Source: https://guardian.ng/business-services/cit-falls-by-31-in-one-year-as-vat-sees-significant-growth/

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Nigeria News (Standard)

Ivory Coast Defeats Ecuador 1–0 in Philadelphia, Secures Africa’s First 2026 World Cup Win

Amad Diallo’s late strike ends Ivorians’ 12-year World Cup win drought as Morocco and South Africa stumble

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June 15, 2026

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Amad Diallo’s late strike ends Ivorians’ 12-year World Cup win drought as Morocco and South Africa stumble

Ivory Coast recorded Africa’s first victory at the ongoing 2026 FIFA World Cup by defeating Ecuador 1–0 on Sunday night at Philadelphia’s stadium in the United States. Manchester United winger Amad Diallo sealed the win for the Elephants with a decisive goal in the 90th minute, breaking a tense deadlock and delivering a much-needed boost for African football at the global tournament.

The Group E encounter saw both sides locked in a tactical battle for most of the match, with Ecuador boasting defensive resilience that had carried them through South American qualifiers. The Ivorian side, coached to stay disciplined throughout, made a crucial substitution just before the hour mark, introducing Diallo for Bazoumana Toure. As the match edged towards stoppage time and a goalless draw seemed likely, Diallo latched onto a right-wing cross and finished clinically past Ecuador’s goalkeeper to spark wild celebrations among Ivorian supporters.

This result is significant for Ivory Coast, marking their first FIFA World Cup victory since beating Japan in Brazil twelve years ago. It also stands out as Africa’s initial triumph at this year’s expanded tournament after South Africa lost 2–0 to co-hosts Mexico and Morocco were held to a 1–1 draw by Brazil earlier in the weekend. With this win, Ivory Coast now has renewed confidence as they seek to progress beyond the group stage for the first time in their history.

Ecuador entered the match with strong backing from most of the 68,274 fans packed into Philadelphia’s stadium, many clad in yellow and cheering on their team. Despite enjoying majority crowd support and controlling possession for stretches of the game, Ecuador struggled to break down Ivory Coast’s defence and will be disappointed with their start to the competition.

The Elephants will now look ahead to their next group fixture with hopes high among African football enthusiasts. Meanwhile, Ecuador will need to regroup quickly if they are to keep their qualification hopes alive. Both teams’ next matches will be closely watched as Group E continues to unfold.

Source: https://guardian.ng/sport/football/ivory-coast-secure-africas-first-win-at-2026-world-cup/

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Nigeria News (Standard)

Toxic Gas Leaks Endanger Residents’ Health and Livelihoods in Rivers State Community

Affected villagers report persistent health issues as environmental authorities face calls for urgent intervention in oil-rich area

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June 15, 2026

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Affected villagers report persistent health issues as environmental authorities face calls for urgent intervention in oil-rich area

Residents of a Rivers State community are grappling with toxic gas leaks that have threatened their health and livelihoods, according to an investigation published on Monday. The incident, which has persisted for weeks, has left many villagers reporting respiratory problems and disruptions to farming and fishing activities central to their survival.

The gas emissions were first noticed by community members, who said the strong odour and visible fumes began spreading across farmlands and waterways. Local farmers and fishermen revealed that crops are failing and fish stocks dwindling due to contamination, compounding economic hardship already prevalent in the region. Several households have reported increased cases of coughing, breathing difficulties, and skin irritations among adults and children alike.

This crisis highlights the ongoing environmental challenges facing oil-producing communities in the Niger Delta, where incidents of pollution frequently impact public health and economic activities. Rivers State is one of Nigeria’s major oil-producing areas in the South-South geopolitical zone, with communities often exposed to hazards linked to oil exploration and pipeline operations.

Environmental officials have been notified of the situation, with some promising to investigate the source of the leaks. Community leaders are urging both state authorities and federal agencies responsible for environmental protection to take immediate action. “We cannot continue to live like this,” one local leader said during a meeting with residents. However, as at press time, no formal response from regulatory agencies had been issued.

Affected families are calling for medical support and compensation for losses suffered. As investigations continue, environmental activists say the incident underscores the need for stricter monitoring of oil installations in Rivers State. Stakeholders warn that failure to address these recurring problems could further erode trust between host communities and operators in Nigeria’s vital oil sector.

Source: https://www.premiumtimesng.com/news/headlines/887605-investigation-toxic-gas-leaks-threaten-lives-livelihoods-in-rivers-community.html

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Nigeria News (Standard)

Adamawa Police Arrest Two Suspected Armed Robbers After Attack in Mubi LGA

Command says suspects were on wanted list since 2025; two accomplices still at large after June 10 incident

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2 hours ago

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June 15, 2026

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Command says suspects were on wanted list since 2025; two accomplices still at large after June 10 incident

The Adamawa State Police Command has apprehended two suspected armed robbers in the Mubi area following a coordinated operation on June 10, 2026. The suspects, identified as Abdulhamid Salihu (also known as Baban Anty) and Bello Yahaya (also known as Baban Yambiyu), were arrested by officers attached to Operation Sanity after a robbery incident at Unguwar Kara in Mubi Local Government Area.

According to the Police Public Relations Officer, SP Suleiman Nguroje, the suspects had been on the police wanted list since 2025 for their alleged involvement in multiple criminal activities within the state. Nguroje explained in a written statement that the arrest followed intelligence-led operations involving personnel from both Mubi North and South councils.

The police stated that Salihu and Yahaya, along with two accomplices who are currently at large, allegedly attacked one Mustapha Ali during the incident. The victim was reportedly injured and dispossessed of cash and other valuables during the attack. The Command assured that efforts are ongoing to apprehend the remaining suspects still on the run.

SP Nguroje reiterated the commitment of Adamawa Police Command to ensure security across all communities in the state. He urged members of the public to continue providing timely information that could assist law enforcement agencies in curbing criminal activities. As at press time, police investigations are ongoing, while the suspects remain in custody pending further action.

The arrest comes amid increased concerns over rising cases of armed robbery and violent crimes in Adamawa State’s northern senatorial zone. Stakeholders have called for sustained patrols and intelligence gathering to deter future attacks and restore public confidence.

Source: https://guardian.ng/news/nigeria/metro/police-nab-two-suspected-armed-robbers-in-adamawa/

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