revenue

Lagos State has begun implementing a 5% withholding tax on gaming winnings in line with federal tax regulations, as Nigerian authorities intensify revenue mobilization efforts ahead of stricter compliance requirements for 2026 business filings.

A House of Representatives committee has revealed Nigeria loses approximately N8 trillion yearly through tax concessions, waivers, and exemptions, representing substantial revenue leakage that undermines fiscal capacity.

Nigeria unveiled its Industrial Policy 2025 while confronting ₦8 trillion in annual revenue losses from concessions, as the government pursues trade expansion and energy infrastructure development to stabilize the economy.

Nigeria's state oil company posted record 2025 revenue of N60.5 trillion with N5.7 trillion profit, while Cross River State moves toward reinstatement as oil-producing territory, potentially reshaping federal revenue allocation.