Group commends 150% surge in Nigeria’s Company Income Tax for Q2 2024
…expects further growth in non-oil sectors
The Tinubu Stakeholders Forum (TSF) has praised the significant 150 percent increase in Nigeria’s Company Income Tax (CIT) for the second quarter of 2024, calling it a milestone achievement.
The group highlighted that the rise, reported by the National Bureau of Statistics (NBS), highlights the success of the government’s economic policies.
In a statement signed by TSF Chairman Ahmad Sajoh and Secretary Afolabi Josiah, the group lauded the jump from N984.61 billion in Q1 2024 to N2.47 trillion in Q2 2024, describing it as a testament to the administration’s commitment to strengthening fiscal policies and creating a business-friendly environment.
“The CIT collection reached an impressive 150.83% increase in Q2 2024, amounting to N2.47 trillion, a sharp rise from the N984.61 billion collected in the previous quarter,” the statement noted. “This remarkable performance showcases the government’s dedication to fostering a favorable climate for both local and foreign corporate entities.”
The group also acknowledged the notable contributions of both local and foreign CIT payments, with foreign contributions rising to N1.12 trillion and local payments totaling N1.35 trillion, providing a significant boost to national revenue.
According to the TSF, the agriculture, forestry, and fishing sectors saw the most remarkable growth, increasing by 474.50%, followed by financial and insurance activities at 429.76%, and manufacturing at 414.15%. The group emphasized that these figures reflect the government’s efforts to diversify the economy and promote key sectors like agriculture, which are critical for job creation and food security.
“Financial and insurance activities accounted for the largest share, contributing 15.53%, which demonstrates growing confidence in Nigeria’s financial sector,” TSF added.
The statement further highlighted the year-on-year growth, with CIT revenue increasing by 59.52% compared to N1.55 trillion in Q2 2023, attributing the sustained progress to the leadership of President Bola Ahmed Tinubu.
TSF also pointed to the 87.24% increase in foreign CIT payments since Q1 2024 as a sign of growing investor confidence in the Nigerian market, crediting the administration’s broader fiscal reforms for this improvement.
“We applaud President Tinubu and his team for their strategic approach to economic governance, which is driving growth and ensuring a more prosperous Nigeria. The CIT surge reflects the administration’s broader agenda for economic sustainability and national development,” the statement concluded.
The group urged both local and international businesses to continue engaging with the government’s initiatives aimed at building a resilient economy.
