Revenues generated from Nigerian business entities in form of Company Income Tax (CIT) in the third quarter of this year on the aggregate stood at N1.77 trillion, indicating a growth rate of –28.20% on a quarter-on-quarter basis from N2.47 trillion raked in the preceding quarter, the National Bureau of Statistics (NBS) has reported.
The Bureau, in its just published ‘Q3 2024 Company Income Tax Report’ on its website disclosed that during the quarter under review, local payments from the revenue source accounted for N920.91 billion of the total aggregate collections, while foreign CIT accruals totalled N852.29 billion in Q3 2024.
An analysis of the report showed that 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 recorded the least growth rate with –73.32%, followed by Financial and insurance activities with –70.04%.
In terms of sectoral contributions to the CIT, the top three largest contributors in the quarter were Manufacturing with 25.47%, followed by Mining and quarrying with 18.37%; and Information and communication with 15.07%.
Conversely, the Bureau reported that 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%.
However, the report showed that on a year-on-year basis, CIT collections in Q3 2024 increased by 1.37% from Q3 2023.
