In its latest report, the bureau announced that Nigeria’s Company Income Tax (CIT) for the second quarter of 2024 reached N2.47 trillion, marking a remarkable 150.83% increase from N984.61 billion in Q1 2024.
Local payments amounted to N1.35 trillion, while foreign CIT contributions stood at N1.12 trillion for Q2 2024.
Among sectors, Agriculture, Forestry, and Fishing saw the highest growth rate at 474.50%, followed by Financial and Insurance Activities and Manufacturing with growth rates of 429.76% and 414.15%, respectively.
Conversely, Activities of Households as Employers and undifferentiated goods- and services-producing activities of households for own use experienced the lowest growth rate at –30.22%, with Activities of Extraterritorial Organizations and Bodies also declining by –15.67%.
In terms of sectoral contributions for Q2 2024, Financial and Insurance Activities led with a 15.53% share, followed by Manufacturing at 8.99% and Information and Communication at 7.84%. Activities of Households as Employers, undifferentiated goods- and services-producing activities of households for own use had the smallest share at 0.00%, with Water Supply, Sewerage, Waste Management, and Remediation Activities at 0.02%, and Activities of Extraterritorial Organizations and Bodies at 0.03%.
On a year-on-year basis, CIT collections for Q2 2024 increased by 59.52% compared to Q2 2023, which recorded N1.55 trillion.