Newscenter Media News The income generated by the Federal Government through the Company Income Tax (CIT) fell to N984 billion in the first quarter of 2024.
The National Bureau of Statistics (NBS) disclosed this in its CIT report for Q1 2024 released on Tuesday in Abuja.
The figure was N276 billion lower than N1.13 trillion recorded in the fourth quarter of 2023.
The CIT is a tax on the profits of registered local and foreign companies operating in Nigeria and serves as one of the government’s revenue sources.
NBS said CIT from local companies was N386 billion while foreign companies contributed N598 billion in Q1 2024.
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The report read: “On a quarter-on-quarter basis, Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the highest growth rate with 330.42%, followed by administrative and support service activities with 33.18%.”
“On the other hand, activities of Manufacturing had the lowest growth rate with –70.24%, followed by electricity, gas, steam and air conditioning supply with –69.14%.
“In terms of sectoral contributions, the top three largest shares in Q1 2024 were mining and quarrying with 20.94%; financial and insurance activities with 18.73%; and information and communication with 12.56%.
“Nevertheless, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.02%, followed by water supply, sewerage, waste management, and remediation activities with 0.07% and Activities of extraterritorial organizations and bodies with 0.24%.”
On a year-on-year basis, the NBS said CIT collections in Q1 2024 increased by 109.93 percent from Q1 2023.
By: Babajide Okeowo
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