NBS: Company income tax increased by 150.83% to N2.47trn in Q2 2024

The National Bureau of Statistics says the federal government generated a total of N2.47 trillion, from company income tax in the second quarter of 2024.increased by 150.83 percent from earnings in the first quarter .

In Nigeria, the CIT is charged at 30 percent for companies with more than N100 million in turnover — and 20 percent for companies with a turnover between N25 million and N100 million.“On the aggregate, Company Income Tax for Q2 2024 was reported at N2.47 trillion, indicating a growth rate of 150.83% on a quarter-on-quarter basis from N984.61 billion in Q1 2024,” the bureau said.

A sectoral analysis of the revenue on a quarterly basis showed that agriculture, forestry and fishing recorded the highest growth rate at 474.5 percent, followed by financial and insurance activities and manufacturing .“On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with -30.22% followed by activities of extraterritorial organizations and bodies with -15.

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