Nigeria’s Company Income Tax (CIT) surged by 150.83% to N2.47 trillion in Q2 of 2024, from N984.61 billion in Q1 2024, the National Bureau of Statistics has reported.
On a year-on-year basis, the CIT went up by 59.52% from N1.55 trillion in Q2 2023.
On a quarter-on-quarter basis, the NBS reported a growth rate of 150.83% from N984.61 billion in Q1 2024.
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“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%.”
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