Nigeria’s Company Income Tax (CIT) saw a significant increase of 150.83% in Q2 2024, reaching ₦2.47 trillion, according to a report by the National Bureau of Statistics (NBS).
This marks a substantial rise from the ₦984.61 billion recorded in Q1 2024.
Year-on-year, the CIT grew by 59.52%, up from ₦1.55 trillion in Q2 2023.
The quarter-on-quarter growth rate of 150.83% highlights the notable surge in tax revenue within a short period.
“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%.”