Nigeria’s aggregate Company Income Tax (CIT) for Q1 2024 stands at ₦984.61 billion.
The figure was disclosed by the National Bureau of Statistics (NBS) in its NBS Company Income Tax, CIT, Q1 2024 Report released in Abuja on Tuesday.
The figure, according to the data, shows a growth rate of -12.87 per cent on a quarter-on-quarter basis from ₦1.13 trillion recorded in Q4 2023.
Local payments raked in were ₦386.49 billion, while foreign CIT payment contributed ₦598.13 billion in Q1 2024.
The report further explained that activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the highest growth rate with 330.42 per cent on a quarter-on-quarter basis.
Administrative and support service activities experienced a 33.18 per cent growth, according to the data.
“On the other hand, activities of manufacturing had the lowest growth rate with –70.24 per cent, followed by electricity, gas, steam and air conditioning supply with –69.14 per cent.”
In terms of sectoral contributions, the report showed that the top three largest shares in Q1 2024 were mining and quarrying with 20.94 per cent.
“This was followed by financial and insurance activities with 18.73 per cent and information and communication with 12.56 per cent.”
Furthermore, it explained that activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.02 per cent.
“This was followed by water supply, sewerage, waste management, and remediation activities with 0.07 per cent and activities of extraterritorial organizations and bodies with 0.24 per cent.”
CIT collections in Q1 2024 increased by 109.93 per cent from Q1 2023 on a year-on-year basis, the report concluded.
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