The National Bureau of Statistics (NBS) on Monday reported that Federal Government raked in N810.19 billion from Company Income Tax (CIT) in the third quarter (Q3) of this year.
The Bureau, in its CIT Report for the Third Quarter 2022, disclosed that the accruals in the quarter represented a growth rate of 13.41% on a quarter-on-quarter basis when compared to the N714.40 billion that was collected in Q2, 2022.
It clarified, however, that when analyzed on a year-on-year basis, CIT collections in Q3 2022 increased by 71.46% over the collection in Q3 2021.
According to the NBS, CIT collections from Nigeria-based enterprises stood at N483.17 billion, while Foreign CIT payments accounted for N327.02 billion in the quarter under review.
The Bureau clarified: “On the aggregate, Company Income Tax (CIT) for Q3 2022 was reported at N810.19 billion, indicating a growth rate of 13.41% on a quarter-on-quarter basis from N714.40 billion in Q2 2022. Local payments received were N483.17 billion, while Foreign CIT Payment contributed N327.02 billion in Q3 2022.
“On a quarter-on-quarter basis, Arts, entertainment, and recreation activities recorded the highest growth rate with 93.33%, followed by Agriculture, forestry, and fishing with 75.38%. On the other hand, Accommodation and food service activities had the lowest growth rate with – 64.81%, followed by Water supply, sewerage, waste management, and remediation activities with -64.75%”, it added.
The agency further reported that the CIT collections on sectoral basis reflected that real sector records highest sectoral contribution with the top three largest contributors as Manufacturing with 28.76%; Information and communication with 27.31%; and Financial & Insurance with 8.81%.
This is even as it indicated in the report that the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share of the CIT revenue accruals with 0.003%, followed by water supply, sewerage, waste management, and remediation activities with 0.05%; and activities of extra-territorial organizations and bodies with 0.11%.
