The National Bureau of Statistics (NBS) on Wednesday reported that on the aggregate, Nigeria’s Company Income Tax (CIT) collections for Q4 2022 totalled N753.88 billion, representing N56.31 billion decline from the N810.19 billion collections in the preceding quarter.
The NBS, in its just published ‘Company Income Tax Q4 2022’ report disclosed that out of the revenue accruals from CIT, local payments stood at N353.90 billion, while Foreign CIT payment accounted for N399.98 billion in the quarter.
According to the report, on a quarter-on-quarter basis, the Water supply, sewerage, waste management and remediation activities recorded the highest growth rate with 57.40%, followed by Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with 45.19%.
This is even as the statistics agency reported that Information and Communication activities had the lowest growth rate with – 65.75%, followed by Arts, entertainment and recreation activities with -64.09%.
An analysis of the report in terms of sectorial contributions showed that the top three largest shares in Q4 2022 were Manufacturing with 31.20%; Financial & Insurance activities with 12.96% and Information and Communication activities with 12.77%.
Conversely, the agency clarified that Activities of households as employers, undifferentiated goods- and services producing activities of households for own use recorded the least share with 0.01%, followed by Water supply, sewerage, waste management, and remediation activities with 0.12%; and Activities of extraterritorial organizations and bodies with 0.14%.
However, the data reflected that on a year-on-year basis, CIT collections in Q4 2022 increased by 116.75% over the accruals in the corresponding quarter in 2021.
