The Federal Government generated N2.78 trillion from Company Income Tax (CIT) in the second quarter of this year, the National Bureau of Statistics (NBS) has reported.
The statistics agency, in its latest Companies Income Tax Q2 2025’ report indicated that the improved revenue from the CIT was largely driven by the financial services sector.
According to the report, the CIT during the quarter under review represents a 40.27% increase from the N1.98 trillion generated by the government from the revenue source in in Q1 2025 and a 12.66% rise compared to the CIT collections in the corresponding quarter of last year.
The Bureau reported that out of the CIT collections in Q2 this year, domestic CIT collections amounted to N2.31 trillion, while foreign CIT contributed N469.36 billion.
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A further analysis of the CIT revenue on sectoral performance basis showed that in the quarter under review, Financial and Insurance sector grew by 772.29%, Wholesale and retail trade, repair of motor vehicles and motorcycles grew by 538.38% while Households as employers and undifferentiated goods- and services-producing activities for own use rose by 526.79%.
Conversely, the report reflected that some sectors’ performances dipped with Activities of extraterritorial organisations and bodies declining by 45.01%, and Education and public administration and defence, and Compulsory social security fell by 26.61% and 18.17%, respectively.
