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Nigeria’s Tax Revenue Declines to N2.33 Trillion in Q4 2023, NBS Data Shows

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The federal government collected a total of N2.33 trillion in tax revenue from Value Added Tax (VAT) and Company Income Tax (CIT) in the fourth quarter of 2023, a decrease from the N2.73 trillion collected in the previous quarter between July and September of the same year.

This represents a significant 14.7% decrease in tax income compared to the third quarter. The decline was primarily attributed to a 35.4% drop in CIT quarter-on-quarter, despite a notable 26.61% growth in VAT income for the government.

According to the latest data released by the National Bureau of Statistics (NBS), aggregate VAT for Q4 2023 stood at N1.20 trillion, compared to N948.07 billion recorded in Q3 2023. Notably, local payments accounted for N630.00 billion, while foreign VAT payments contributed N326.27 billion, with import VAT adding N244.04 billion in Q4 2023.

Analyzing quarter-on-quarter growth rates, agriculture, mining, and quarrying sectors showed the highest increase, with growth rates of 63.75% and 61.98% respectively. Conversely, activities of extraterritorial organizations and bodies recorded the lowest growth rate at -19.44%, followed by financial and insurance activities at -8.46%.

In terms of sectoral contributions, manufacturing, information and communication, and mining and quarrying sectors held the top three largest shares in Q4 2023. Conversely, undifferentiated goods and services-producing activities of households for own use recorded the least share, followed by activities of extraterritorial organizations and bodies, water supply, sewerage, waste management and remediation activities, and real estate activities.

Despite the quarterly decline, VAT collections in Q4 2023 increased by a significant 72.12% compared to Q4 2022.

Additionally, Company Income Tax (CIT) recorded a total of N1.13 trillion in Q4 2023, indicating a quarter-on-quarter decline of 35.40% from N1.75 trillion in Q3 2023. Local payments received were N533.93 billion, while foreign CIT payments contributed N596.10 billion.

Electricity, gas, steam, and air conditioning supply showed the highest growth rate quarter-on-quarter, followed by construction, while activities of Information and communication and Public administration and defense recorded the lowest growth rates.

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Business

CBN Restores BDC Access to FX Market, Caps Weekly Purchases at $150,000

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By Huldah Shado

The Central Bank of Nigeria (CBN), has approved the participation of licensed Bureau De Change (BDC), operators in the Nigerian Foreign Exchange Market (NFEM), allowing each BDC to purchase up to $150,000 weekly.

The approval was contained in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to authorised dealer banks and the general public.

The CBN said the move is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users, amid a widening gap between the official and parallel market exchange rates.

Under the new arrangement, licensed BDCs can access foreign exchange from the NFEM through any authorised dealer bank of their choice at the prevailing exchange rate.

The apex bank directed banks to carry out full Know-Your-Customer (KYC), and due diligence checks on BDC clients before selling foreign exchange to them.

It also imposed reporting and transparency requirements, mandating BDCs to submit returns electronically to the CBN.

In addition, the bank prohibited third-party transactions and limited cash settlement to a maximum of 25 per cent of each transaction.

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Abuja Reports

Ultraviolet MFB MD Visits Equity Circle, Eyes Strategic Partnership

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By Samson Adeyanju 

The Managing Director and Chief Executive Officer of Ultraviolet Microfinance Bank, Bayonle Omoyele, has paid a working visit to Equity Circle, one of Abuja’s fast-growing real estate companies, as part of efforts to strengthen strategic partnerships within Nigeria’s real estate sector.

During the visit, Equity Circle’s Co-Founder and Chief Marketing Officer, Fabian George, conducted Omoyele on a tour of the company’s facilities and outlined its growth trajectory.

He disclosed that the firm recorded significant milestones over the past four years, culminating in an ₦8 billion revenue in the 2025 financial year.

Discussions between both parties focused on establishing a strategic credit relationship, with proposed areas of collaboration including invoice discounting, structured credit solutions, and cash-flow management support to help Equity Circle sustain and scale its operations.

Addressing Equity Circle staff during an interactive session, Omoyele emphasised the importance of strong marketing fundamentals, highlighting the 4Ps of marketing-Product, Price, Place, and Promotion, as key drivers of long-term competitiveness and brand leadership.

He also urged the team to adopt a long-term growth mindset, remain focused, and ensure that every unit contributes meaningfully to the organisation’s strategic goals, noting that disciplined execution is critical in Nigeria’s evolving real estate market.

The visit underscores Ultraviolet Microfinance Bank’s commitment to supporting high-growth enterprises through tailored financial solutions and partnerships that promote sustainable economic development.

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Business

Moniepoint Strengthens Africa’s Tech Talent Pipeline with DreamDevs Cohort 2

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By Omoniyi David

Moniepoint Inc has reaffirmed its commitment to building Africa’s technology talent pipeline, announcing the opening of applications for the second cohort of its flagship DreamDevs initiative.

Co-Founder and CTO Felix Ike described DreamDevs as a programme that equips recent graduates with industry-ready skills and hands-on experience to bridge the continent’s tech talent gap.

“The success of our first cohort validated that Africa’s young tech talent can compete globally. This year, we aim to convert half of our participants into full-time employees,” Ike said, adding that the initiative creates sustainable career pathways that drive Africa’s digital economy.

DreamDevs complements Moniepoint’s other talent development programmes, including HatchDev, in collaboration with NITHub, University of Lagos, which trains about 500 specialised developers annually, and the Women-in-Tech programme, now in its fifth year.

The initiative also aligns with the Federal Government’s 3 Million Technical Talent (3MTT), programme, with Moniepoint serving as a key sponsor, offering graduates a specialised pathway from training to employment.

DreamDevs underscores Moniepoint’s broader mission to leverage technology to empower Africa’s youth and advance the continent’s digital economy.

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