Fed Govt Generates N864.71bn CIT In Six Months

The National Bureau of Statistics (NBS) yesterday said the Federal Government raked in a total of N864.7 billion Company Income Tax (CIT) in the first six months of 2021.

The Economic Confidential learnt from the “Company Income Tax By Sectors (Q22021)”, document if the NBS that in the second quarter of 2021, the government raised N472.07 billion and N392.64 billion in first quarter in 2021.

It recalled N402.03 billion generated in Q2 2020 representing 20.23 per cent increase Quarter-on-Quarter and 17.42 per cent increase Year-on-Year.

NBS said: “Data on Company Income Tax breakdown by sectors for Q2 2021 reflected that N472.07billion was generated as CIT as against N392.64billion generated in Q1 2021 and N402.03bn generated in Q2 2020 representing 20.23 per cent increase Quarter-on-Quarter and 17.42 per cent increase Year-on-Year.”

The document explained that Professional Services generated the highest amount of CIT with N130.09 billion generated and closely followed by Other Manufacturing which generated N87.27billion, Banks & Financial Institutions generated N60.01billion while Textile and Garment Industry generated the least and closely followed by Automobiles and Assemblies and Pioneering with N27.23million, N62.15million and N64.30million generated.

According to the document, out of the total amounted generated in Q2 2021, N412.74billion was generated as CIT locally while N51.61billion was generated as foreign CIT payment.

In the period under review, the NBS said the balance of N2.72 billion was generated as CIT from other payments