Nigeria’s Company Income Tax (CIT) has experienced a dramatic surge of 150.83%, reaching ₦2.47 trillion in the second quarter of 2024. According to a report from the National Bureau of Statistics (NBS), this represents a substantial increase from the ₦984.61 billion recorded in the first quarter of 2024. Year-on-year, CIT rose by 59.52% from ₦1.55 trillion in Q2 2023
In terms of contributions, local payments totaled ₦1.35 trillion, while foreign CIT payments amounted to ₦1.12 trillion for Q2 2024.
The NBS report highlights significant growth across various sectors. Agriculture, forestry, and fishing led with an impressive 474.50% growth rate, followed by financial and insurance activities and manufacturing, with growth rates of 429.76% and 414.15%, respectively. Conversely, the activities of households as employers and undifferentiated goods- and services-producing activities of households for own use saw the lowest growth rates, at –30.22% and –15.67%, respectively.
Sectoral contributions for Q2 2024 showed that Financial and insurance activities took the largest share at 15.53%, followed by Manufacturing at 8.99%, and Information and communication at 7.84%. In contrast, sectors with the smallest shares included the activities of households as employers and undifferentiated goods- and services-producing activities for own use, with 0.00%, followed by water supply, sewage, waste management, and remediation activities at 0.02%, and activities of extraterritorial organizations and bodies at 0.03%.
