Company income tax jumps 53% to N532.48bn in Q1

The Federal Government generated N532.48 billion from company income tax (CIT) in the first quarter (Q1) of this year, up 53.09 percent from N347.81 billion in the previous quarter, the National Bureau of Statistics (NBS) has said.

The NBS, in a report released on Thursday, said local payments were N209.13 billion in Q1 2022, while foreign CIT payment contributed N323.35 billion.

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“In terms of sectoral contributions, the top three largest shares in Q1 2022 were manufacturing with 21.31 percent, information and communication with 14.03 percent, and financial and insurance with 12.20 percent,” it said.

Details later…