Nigeria’s Company Income Tax (CIT) saw a significant surge of 150.83% in Q2 2024, reaching ₦2.47 trillion, according to a report by the National Bureau of Statistics (NBS).
This marks a steep increase from the ₦984.61 billion recorded in Q1 2024.
Year-on-year, the CIT rose by 59.52% compared to ₦1.55 trillion in Q2 2023. Quarter-on-quarter growth was notable, with the CIT jumping by 150.83%.
The report revealed that ₦1.35 trillion came from local CIT payments, while foreign CIT contributions amounted to ₦1.12 trillion in Q2 2024.
In terms of sectoral performance, agriculture, forestry, and fishing recorded the highest quarter-on-quarter growth rate at 474.50%, followed by financial and insurance activities with 429.76%, and manufacturing with 414.15%.
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On the other hand, activities of households as employers saw the lowest growth at -30.22%, trailed by extraterritorial organisations and bodies at -15.67%.
In terms of sectoral contributions, financial and insurance activities accounted for the largest share at 15.53%, followed by manufacturing (8.99%) and information and communication (7.84%).
Meanwhile, the smallest contributions came from households as employers (0.00%), water supply, sewage, waste management (0.02%), and extraterritorial organizations (0.03%).
