The National Bureau of Statistics (NBS) reported on Monday that on the aggregate, the Company Income Tax (CIT) raked into the Federation Account for Q2 2024 surged to N2.47 trillion, indicating a growth rate of 150.83% on a quarter-on-quarter basis from N984.61 billion in Q1 2024.
The Bureau’s ‘Company Income Tax Q2 2024’ report published on its website reflected that Local payments received were N1.35 trillion, while Foreign CIT Payment contributed N1.12 trillion in Q2 2024.
It disclosed that on a quarter-on-quarter basis Agriculture, forestry and fishing recorded the highest growth rate with 474.50%, followed by Financial and insurance activities and manufacturing with 429.76% and 414.15 respectively.
On the other hand, the statistics agency reported that activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with –30.22% followed by Activities of extraterritorial organizations and bodies with –15.67%.
According to the CIT report, in terms of sectoral contributions, the top three largest shares in Q2 2024 were Financial and insurance activities with 15.53%; manufacturing with 8.99%; and Information and communication with 7.84%.
The Bureau clarified further that nevertheless, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00%, followed by water supply, sewerage, waste management, and remediation activities with 0.02% and activities of extraterritorial organizations and bodies with 0.03%.
This is even as disclosed that when analyzed on year-on-year basis, the CIT collections in the quarter under review increased by 59.52% from Q2 2023, which recorded 1.55 trillion.
