May 19, 2024
Nigeria’s CIT Grows 226.40% In Q2 2023
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Nigeria’s CIT Grows 226.40% In Q2 2023

The National Bureau of Statistics, NBS says that Nigeria’s Company Income Tax (CIT) for the second quarter of 2023 on the aggregate grew to N1.53 trillion.

This indicates a growth rate of 226.40% on a quarter-on-quarter basis from N469.01 billion in the first quarter of this year.

According to the NBS report, local payments received in the period were N1.02 trillion, while Foreign CIT Payment contributed over N505 billion.

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On a quarter-on-quarter basis, water supply, sewerage, waste management, and remediation activities recorded the highest growth rate with 626.52%, followed by accommodation and food service activities with 585.11%.

In terms of sectoral contributions, the top three largest shares for the second quarter are manufacturing with 25.63%; financial and insurance activities with 24.47%; and information and communication with 20.30%.

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