The Nigerian government realised a total of N2.08 trillion from company income tax (CIT) from the first to third quarter of the year.
The value is 55 per cent higher than N1.34 trillion the government pooled in the same period last year. Even with the current quarter yet to be computed, earnings from CIT in 2022 have surpassed that entire amount recorded last year by as much as 23 per cent.
Last year, the total value of CIT was N1.69 trillion. The figure is 27 per cent higher than N1.33 trillion realised from local CIT so far this year. At the end of the year, the annualised value of local CIT would have equaled or surpassed the entire CIT realised in 2021.
According to data released by the National Bureau of Statistics (NBS), yesterday, the government generated N810.19 billion last quarter, indicating a growth rate of 13.41 per cent on a quarter-on-quarter (q/q) basis from N714.4 billion recorded in Q2.
“Local payments received were N483.17 billion, while Foreign CIT Payment contributed N327.02 billion in Q3 2022. On a quarter-on-quarter basis, the Arts, entertainment and recreation activities recorded the highest growth rate with 93.33 per cent, followed by agriculture, forestry and fishing with 75.38 per cent.
“On the other hand, accommodation and food service activities had the lowest growth rate with – 64.81%, followed by water supply, sewerage, waste management and remediation activities with -64.75%. In terms of sectoral contributions, the top three largest shares in Q3 2022 were manufacturing with 28.76 per cent, information and communication with 27.31 per cent and finance and insurance with 8.81 per cent,” the report stated.
The report also showed that the activities of households as employers, undifferentiated goods and services-producing activities of households for own use recorded the least share with 0.003 per cent, followed by water supply, sewerage, waste management and remediation activities with 0.05 per cent. Activities relating to extraterritorial organisations and bodies contributed 0.11 per cent from N472.52 billion realised in Q3 2021.
