Nigeria’ Company Income Tax rose by 226.4% to N1.53trn in Q2

The National Bureau of Statistics (NBS) on Monday disclosed that Nigeria’s Company Income Tax (CIT) stood at N1.53trillion in the second quarter of 2023, an increase of 226.40 per cent quarter-on-quarter from N469.01billion reported in Q1 2023. 

According to the bureau, the local payments received were N1.02 trillion, while Foreign CIT Payment contributed N505.91 billion in Q2 2023.

The report stated that on a quarter-on-quarter basis, water supply, sewerage, waste management, and remediation activities recorded the highest growth rate with 626.52 per cent, followed by accommodation and food service activities with 585.11per cent.

The NBS report on CIT disclosed further that, “On the other hand, education had the lowest growth rate with – 15.48 per cent, followed by public administration and defence, compulsory social security with 25.46 per cent.

“In terms of sectoral contributions, the top three largest shares in Q2 2023 were manufacturing with 25.63 per cent; financial and insurance activities with 24.47 per cent; and information and communication with 20.30per cent.

“However, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01%, followed by activities of extraterritorial organizations and bodies with 0.06per cent; and water supply, sewerage, waste management, and remediation activities with 0.09 per cent.

“In addition, on a year-on-year basis, CIT collections in Q2 2023 increased by 114.28per cent from Q2 2022.”