Nigeria’s Company Income Tax (CIT) collection recorded a significant growth of 150.83 per cent for the second quarter (Q2) of this year, rising from N984.61 billion in Q1 2024 to N2.47 trillion.
Agriculture, forestry, and fishing led the growth in CIT in the review period, recording a 474.50 per cent increase on a quarter-on-quarter basis.
The National Bureau of Statistics (NBS) made this known in its quarterly CIT report released on Monday.
According to the report, local payments contributed N1.35 trillion while foreign CIT payments accounted for N1.12 trillion during the period under review.
The performance of the agricultural sector was followed closely by the financial and insurance activities sector, which grew by 429.76 per cent, and the manufacturing sector, which expanded by 414.15 per cent.
Conversely, the activities of households as employers, undifferentiated goods- and services-producing activities for household use saw the lowest growth rate at -30.22 per cent, followed by activities of extraterritorial organisations and bodies at -15.67 per cent, the report noted.
For sectoral contributions to total CIT revenue, the financial and insurance activities sector led with 15.53 per cent, followed by manufacturing with 8.99 per cent, and information and communication with 7.84 per cent.
However, some sectors lagged significantly. “The activities of households as employers recorded a 0.00% share, while water supply, sewerage, and waste management activities contributed 0.02%, and extraterritorial organizations added 0.03%,” according to the NBS report.
On a year-on-year basis, CIT collections for Q2 2024 showed a 59.52 per cent increase from N1.55 trillion recorded in Q2 2023, reflecting broader economic recovery and growth across key sectors.
