The latest VAT report released by the National Bureau of Statistics provides strong evidence that Nigeria’s tax and economic reforms are beginning to produce measurable results.
According to the report, domestic CIT received was N538.91 billion, while foreign CIT payment was N828.82 billion in Q1 2026.
NBS says the telecom industry maintained strong performance through the second quarter of 2025, with active voice subscriptions reaching 173.5 million.
The report said that the December price represented a 1.20 per cent decrease.
The NBS said in its Diesel Price Watch Report for November 2025 that the average retail price was N1,409.61 per litre.
CBN says the inflation rate has dropped for six months straight, hitting 18.02 per cent in September, its lowest point in three years.
Mr Onanuga’s statement comes against the backdrop of a drop in inflation, according to NBS.
The NBS report attributed the decrease in food inflation to the reduction in average prices of items.
The report noted that on a year-on-year basis in July 2025, the urban inflation rate was 22.01 per cent.
Delta State recorded the highest average price at N9,243.38, while Oyo had the lowest at N7,100.00.
