Manufacturing emerged as the highest contributor to Nigeria’s non-oil tax revenue in the first quarter of 2026, generating ₦404 billion through Value Added Tax (VAT) and Company Income Tax (CIT).

This was revealed in the latest fiscal performance data covering key sectors of the economy, showing how industrial activity continues to play a central role in strengthening government revenue beyond crude oil earnings.

The sector’s contribution highlights the growing importance of domestic production and industrial output in Nigeria’s revenue structure. Despite ongoing economic pressures, manufacturing firms accounted for a significant share of tax inflows driven by increased production activities and formal sector compliance.

The data indicates that VAT collections remain a major driver of non-oil revenue, reflecting consumption patterns tied to manufactured goods and services. CIT payments from manufacturing companies also contributed substantially, reinforcing the sector’s position as a key pillar of corporate taxation.

Other sectors also contributed to non-oil revenue generation, but manufacturing maintained the lead, underscoring its expanding footprint in the country’s fiscal landscape. Analysts note that this trend reflects gradual improvements in industrial activity and tax compliance within the formal economy.

The performance comes at a time when Nigeria continues to push for diversification away from oil dependency. Policymakers have repeatedly emphasized the need to strengthen non-oil sectors such as manufacturing, agriculture, and services to stabilize public revenue.

However, challenges such as high production costs, foreign exchange pressures, and infrastructure deficits continue to affect manufacturing output. Industry operators have consistently called for reforms aimed at improving power supply, logistics, and access to affordable financing.

Despite these constraints, the sector’s strong tax contribution in the first quarter of 2026 signals resilience and its critical role in supporting government revenue objectives.

The post Manufacturing Leads Non-Oil Tax Revenue With ₦404bn Contribution appeared first on Housing TV Africa.

Nigeria has surpassed its annual revenue target months ahead of schedule and will no longer depend on domestic borrowing, President Bola Tinubu announced on Tuesday.

Speaking at the Presidential Villa while hosting members of The Buhari Organization (TBO)—a delegation of former Congress for Progressive Change (CPC) leaders led by ex-Nasarawa governor Senator Tanko Al-Makura—Tinubu said the achievement was driven largely by improved non-oil revenue.

Tinubu revealed that government revenue targets for the entire year were met as early as August, a milestone he described as proof that reforms were yielding results.

“We have met our revenue targets for the whole year, and we did it in August. Non-oil revenue is performing strongly. With this, Nigeria is no longer borrowing a dime from local banks,” the President said.

He added that the focus had now shifted to job creation, agricultural mechanization, and boosting exports. “If we remove hunger, we defeat poverty. That is our path to food security and sovereignty,” he noted.

Tinubu used the occasion to reassure supporters ahead of the 2027 elections, urging them not to be intimidated by political opponents.

Al-Makura, who led the delegation, pledged the CPC bloc’s loyalty to the President, recalling the historic merger that birthed the All Progressives Congress (APC). “You and President Muhammadu Buhari shared a vision of justice, sovereignty, and good governance. We remain firmly behind you,” he said.

House of Representatives Speaker, Tajudeen Abbas, also pledged the bloc’s support, stressing that “over 90 percent of CPC’s pioneer leaders remain loyal” and would mobilise nationwide to ensure Tinubu’s re-election.

Tinubu paid tribute to the late President Muhammadu Buhari, promising to sustain his legacy of honesty, transparency, and justice. He also commended CPC members who had remained loyal to the APC despite not receiving appointments, promising to accommodate them in upcoming ambassadorial postings.

The President further announced a nationwide mechanization program, with regional agricultural training centers aimed at driving food production and tackling poverty.

The delegation included former governors, ministers, lawmakers, party executives, and Buhari Support Organisation leaders. Their visit, Tinubu said, rekindled memories of the early days of political alliances that shaped the APC.

“Our path to Nigeria’s recovery is clear. The economy is stabilised, and we are moving upward. At the end of this journey, Nigerians will have joy,” the President assured.

The post Nigeria Meets Revenue Target, Ends Local Borrowing – Tinubu appeared first on Housing TV Africa.