Nigeria News (Standard)
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
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/
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
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.
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
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/
Nigeria News (Standard)
NGX, Abu Dhabi Exchange Launch Partnership to Attract Middle East Capital to Lagos Market
NGX Group chairman says deal aims to deepen investment in energy, tech and infrastructure sectors across Africa
NGX Group chairman says deal aims to deepen investment in energy, tech and infrastructure sectors across Africa
The Nigerian Exchange Group (NGX Group) and the Abu Dhabi Securities Exchange (ADX) have commenced a strategic partnership designed to channel increased Middle Eastern capital into African markets, with Lagos serving as a key entry point. The announcement was made during an official visit by NGX Group executives to the ADX headquarters in Abu Dhabi on Friday.
According to Dr Umaru Kwairanga, Chairman of NGX Group, the collaboration marks a significant step towards strengthening ties between Africa and Gulf investors. He stated that the Nigerian capital market is focused on building robust alliances with leading regional exchanges, aiming to connect institutional investors from the Middle East with opportunities in fast-growing sectors such as energy, infrastructure, technology, oil and gas across Nigeria and the continent.
The move comes as Nigeria intensifies efforts to position its capital market as an attractive gateway for global investment. Analysts note that foreign direct investment into Nigeria fell sharply in recent years due to currency volatility and security concerns. However, authorities believe strategic partnerships like this could help restore investor confidence, especially at a time when naira exchange rates remain under pressure and inflation is above 30 percent according to National Bureau of Statistics data.
“This engagement marks the beginning of a mutually-beneficial relationship that can unlock new investment flows and strengthen economic ties between Africa and the Gulf region,” Kwairanga said during the meeting in Abu Dhabi. He added that the United Arab Emirates has established a stable investment environment which offers valuable lessons for African emerging markets seeking long-term growth.
Both exchanges are expected to develop frameworks for cross-listings, joint investor roadshows and capacity-building initiatives in coming months. Market watchers say success could lead to greater liquidity on NGX platforms and open up new funding sources for Nigerian businesses operating within critical sectors. The exchanges have not yet provided specific timelines or financial targets for the partnership.
Toxic Gas Leaks Endanger Residents’ Health and Livelihoods in Rivers State Community
Adamawa Police Arrest Two Suspected Armed Robbers After Attack in Mubi LGA
NGX, Abu Dhabi Exchange Launch Partnership to Attract Middle East Capital to Lagos Market
Delta Residents Protest, Demand Oborevwori Fix Orhuwhorun–Owhrode Road Amid Soaring Transport Costs
FG Cautions on Carbon Credit Revenue as 350 Projects Operate Without Clear Rules Nationwide
Lagos Residents Demand Urgent Action as Waste Piles Up Across Major Roads
Lagos Investors Gain ₦1.4trn as NGX Market Capitalisation Surges Past ₦156trn Mark
Rights Groups Demand Tougher Sanctions After General Rabe Dies in Kidnappers’ Custody in Kaduna
Commissioner Omosehin Urges Nigerian Insurers to Target 500 Million Mobile Users After Cairo AIO Summit
NDLEA Arrests Two Persons With Disabilities in Abia, Rivers Over Illicit Drug Trade
Environment Minister Urges Increased Investment in Nigeria’s Green Economy Ahead of Global Climate Summit
Moniepoint Graduates Second DreamDevs Cohort in Lagos to Strengthen Nigeria’s Engineering Workforce
Gọvanmenti Nigeria Kwupụtara 53 Orù Anyanwụ Maka Ike Ọhụrụ N’iru Afọ 2050
FG Launches $500m Abuja Formula 1 Bid, Targets Africa’s First Grand Prix Since 1993
Fresh Romance Rumours Trail Lando Norris as Alix Earle Sparks Drama in Monaco
Why More Nigerians Are Searching for Casino Bonuses—and What You Should Know Before Claiming
Ụlọ Ọrụ Nigeria Kwupụtara Nsogbu Nchekwa na Ụtụ Isi N’agbanyeghị Ịrị Elu Obi Ike Ahịa
Somali Referee Omar Artan Blocked From US World Cup Over Visa Row, Misses Dream Debut
Federal Government Launches Mining Grants for Research and Exploration Across Nigeria
