Nigeria’s foreign currency-denominated tax receipts surged to N6.33 trillion in 2025, reflecting increased contributions from multinational firms and the impact of exchange rate reforms.
Data released by the National Bureau of Statistics shows a 27.3% rise from N4.97 trillion recorded in 2024.
The figures highlight a growing reliance on foreign-currency-linked revenues, which accounted for about 35.5% of total Value Added Tax (VAT) and Company Income Tax (CIT) collections.
VAT collections rose to N8.61 trillion, while CIT increased to N9.22 trillion, bringing total combined collections to approximately N17.83 trillion.
Foreign currency CIT alone climbed to N4.23 trillion, driven by multinational corporations, exporters, and oil and gas firms earning in dollars.
Analysts attribute the increase to Nigeria’s shift toward a market-reflective exchange rate, which boosted naira-equivalent tax values.
The data also showed steady growth in domestic tax contributions, with local VAT and CIT collections increasing significantly.
However, the faster rise in foreign-currency taxes signals a structural shift toward sectors with strong foreign exchange exposure.
