Breaking: N984.61 Billion Company Tax for Q1 2024 – Report

The National Bureau of Statistics (NBS) has disclosed that Nigeria has generated a total of N984.61 billion in Company Income Tax (CIT) for the first quarter of 2024.

The newly released NBS Company Income Tax, CIT, Q1 2024 Report unveiled this figure in Abuja earlier this week.

Compared to the previous quarter’s N1.13 trillion, this amount reflects a -12.87% decline on a quarter-on-quarter basis, according to the report.

Within Q1 2024, local CIT payments reached N386.49 billion, while foreign CIT payment stood at N598.13 billion.

The report highlighted remarkable growth rates on a quarter-on-quarter basis, showcasing 330.42% growth in activities of households as employers and undifferentiated goods- and services-producing activities of households for own use.

Additionally, administrative and support service activities experienced a growth rate of 33.18%.

Conversely, activities of manufacturing and electricity, gas, steam, and air conditioning supply witnessed the lowest growth rates, at -70.24% and -69.14% respectively.

Examining sectoral contributions for Q1 2024, the report outlined mining and quarrying as the top contributor with 20.94%.

Financial and insurance activities followed closely with a share of 18.73%, while information and communication accounted for 12.56%.

On the flip side, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use made up only 0.02% of the total share.

Water supply, sewerage, waste management, and remediation activities, along with activities of extraterritorial organizations and bodies, contributed 0.07% and 0.24% respectively.

Despite quarterly fluctuations, the report highlighted an impressive year-on-year increase of 109.93% in CIT collections for Q1 2024 compared to the same period in 2023.