Nigeria’s Company Income Tax, CIT increased by 226.40 percent N1.53 trillion in the second Quarter of 2023 compared to N469.01 billion in Q1 2023.
The National Bureau of Statistics disclosed this in its CIT Q2 2023 report released in September.
According to the report, local payments received were N1.02 trillion while Foreign CIT Payments contributed N505.91 billion in Q2 2023.
Regarding sectoral contributions, the top three most significant shares in Q2 2023 were manufacturing with 25.63 percent, financial and insurance activities with 24.47 percent and information and communication with 20.30 percent.
However, the activities of household employers, undifferentiated goods- and services-producing activities of families for own use recorded the least share with 0.01 percent, followed by activities of extraterritorial organizations and bodies with 0.06 percent, and water supply, sewerage, waste management, and remediation activities with 0.09 percent.
CIT is the major source of revenue for the federal government.
