By Adedapo Adesanya
Nigeria’s Company Income Tax (CIT) surged by 150.83 per cent to N2.47 trillion in the second quarter (Q2) of 2024 from the N984.61 billion recorded in Q1 2024, the latest data by the National Bureau of Statistics (NBS) shows.
On a year-on-year basis, the CIT went up by 59.52 per cent from N1.55 trillion in Q2 2023.
“Local payments received were N1.35 trillion, while foreign CIT payment contributed N1.12 trillion in Q2 2024,” the report added.
“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 per cent and 414.15 per cent, respectively.
“On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with –30.22 per cent followed by activities of extraterritorial organisations and bodies with –15.67 per cent.
“In terms of sectoral contributions, the top three largest shares in Q2 2024 were Financial and insurance activities with 15.53 per cent; manufacturing with 8.99 per cent; and Information and communication with 7.84 per cent.
“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 per cent, followed by water supply, sewage, waste management, and remediation activities with 0.02 per cent and activities of extraterritorial organisations and bodies with 0.03 per cent,” the stats office noted.
Meanwhile, revenue from Value Added Tax (VAT) hit N1.56 trillion in the second quarter of 2024, a separate NBS data showed.
The increase represented a 9.11 per cent increase from the N1.43 trillion in Q1 2024.
Local payments recorded were N792.58 billion, foreign VAT payments were N395.74 billion, while import VAT contributed N372.95 billion in Q2 2024.
“On a quarter-on-quarter basis, human health and social work activities recorded the highest growth rate with 98.44 per cent, followed by agriculture, forestry and fishing with 70.26 per cent, and water supply, sewerage, waste management and remediation activities with 59.75 per cent,” NBS reported.
“On the other hand, activities of households as employers, undifferentiated goods and services producing activities of households for own use had the lowest growth rate with 46.84 per cent, followed by Real estate activities with 42.59 per cent.
“In terms of sectoral contributions, the top three largest shares in Q2 2024 were manufacturing with 11.78 per cent; information and communication with 9.02 per cent; and Mining and quarrying with 8.79 per cent.
“Nevertheless, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00 per cent, followed by activities of extraterritorial organisations and bodies with 0.01 per cent; and Water supply, sewerage, waste management and remediation activities with and real estate services 0.04 per cent each. However, on a year-on-year basis, VAT collections in Q2 2024 increased by 99.82 per cent from Q2 2023,” the NBS stated.