Indications that Nigerian businesses are under-performing amid current fiscal and monetary whirlwinds triggered by the President Bola Tinubu’s administration emerged on Friday with the aggregate, Company Income Tax (CIT) for Q4 2023 dipping to an all-time-low of N1.13 trillion.
The CIT collections indicated a growth rate of –35.40% on a quarter-on-quarter basis when compared with the N1.75 trillion generated from the revenue source in Q3 2023.
These figures are contained in the ‘Company Income Tax Q4 2023’ report published on Friday by the National Bureau of Statistics (NBS) on its website.
The report showed that the local CIT payments received by the Federal Inland Revenue Service (FIRS) in the quarter under review were N533.93 billion, while Foreign CIT payment totalled N596.10 billion.
The statistics agency disclosed that on a quarter-on-quarter basis electricity, gas, steam and air conditioning supply recorded the highest growth rate with 79.65%, followed by construction with 57.86%.
Conversely, the Bureau reported that activities of Information and communication –69.44, and Public administration and defence, compulsory social security –23.75 had the lowest CIT growth rate.
The NBS further clarified: “In terms of sectoral contributions, the top three largest shares in Q4 2023 were Manufacturing 12.84%, Financial and insurance activities 6.25%, and Mining and quarrying 5.90%.
“Nevertheless, Activities of households as employers, undifferentiated goods- and services producing activities of households for own use 0.00%, Water supply, sewerage, waste management and remediation activities 0.02%, and Activities of extraterritorial organizations and bodies 0.07%”, it added.
