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National Bureau of Statistics (NBS) has disclosed that federal government collected a total of N1.77 trillion as company income tax (CIT) in the third quarter (Q3) of 2024.
NBS, in its CIT report for Q3 2024, said the figure decreased by 28.2 percent from N2.47 trillion collected in Q2 2024.
The bureau noted that local payments received were N920.91 billion while foreign CIT contributed N852.29 billion in Q3 2024.
CIT is charged at 30 percent for companies with more than N100 million in turnover, and 20 percent for companies earning between N25 million and N100 million in the country.
NBS said, “On a quarter-on-quarter basis, Electricity, gas, steam and air conditioning supply recorded the highest growth rate with 47.51%, followed by Public administration and defence, compulsory social security with 19.25%.”
“On the other hand, Accommodation and food service activities had the least growth rate with –73.32%, followed by Financial and insurance activities with –70.04%.”
A sectoral contribution breakdown showed that the top three largest shares in Q3 2024 were manufacturing (25.47 percent) followed by mining and quarrying (18.37 percent), and information and communication (15.07 percent).
The bureau added, “Nevertheless, the Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.004%, followed by Water supply, sewerage, waste management, and remediation activities with 0.03% and activities of extraterritorial organizations and bodies with 0.08%.”
According to NBS; on a year-on-year basis, CIT collections in the period reviewed increased by 1.37 percent from N1.74 trillion recorded in Q3 2023.
