Nigeria’s Company Income Tax drops to N1.77trn in Q3 2024
Nigeria’s Company Income Tax dropped by 28.20 per cent to N1.77 trillion in the third quarter of 2024 from N2.47 trillion collected in Q2 the same year.
The National Bureau of Statistics disclosed this in its latest CIT data released on Friday.
According to the data, local payments received were N920.91 billion, while Foreign CIT Payment contributed N852.29 billion in Q3 2024.
On a quarter-on-quarter basis, electricity, gas, steam, and air conditioning supply recorded the highest growth rate in CIT collection with 47.51 per cent, followed by Public administration and defence, compulsory social security with 19.25 percent. On the flip side, accommodation and food service activities had the lowest growth rate with –73.32 per cent, followed by financial and insurance activities with –70.04 per cent.
In terms of sectoral contributions, the top three largest shares in Q3 2024 were manufacturing with 25.47 per cent, followed by mining and quarrying with 18.37 per cent and information and communication with 15.07 per cent.
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 per cent, followed by Water supply, sewerage, waste management, and remediation activities with 0.03 percent and Activities of extraterritorial organizations and bodies with 0.08 percent.
However, on a year-on-year basis, CIT collections in Q3 2024 increased by 1.37 per cent from Q3 2023.
Nigeria’s Company Income Tax drops to N1.77trn in Q3 2024
