Company Income Tax Revenue Surges by 150.83% In Q2 2024 – NBS

Nigeria’s Company Income Tax (CIT) surged by 150.83 per cent to N2.47tn in Q2 of 2024.

A report by the National Bureau of Statistics (NBS) said the increase was from N984.61bn recorded in Q1 2024.

On a year-on-year basis, the CIT went up by 59.52 per cent from N1.55tn in Q2 2023.

On a quarter-on-quarter basis, the NBS reported a growth rate of 150.83 per cent from N984.61bn in Q1 2024.

“Local payments received were N1.35 trillion, while foreign CIT payment contributed N1.12 trillion in Q2 2024,” the report shows.

“On a quarter-on-quarter basis agriculture, forestry and fishing recorded the highest growth rate with 474.50%, followed by financial and insurance activities and manufacturing with 429.76% and 414.15 respectively.

“On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with –30.22% followed by activities of extraterritorial organisations and bodies with –15.67%.

“In terms of sectoral contributions, the top three largest shares in Q2 2024 were Financial and insurance activities with 15.53%; manufacturing with 8.99%; and Information and communication with 7.84%.

“Nevertheless, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00%, followed by water supply, sewage, waste management, and remediation activities with 0.02% and activities of extraterritorial organisations and bodies with 0.03%.”