The National Bureau of Statistics says the federal government collected a total of N1.77 trillion as company income tax in the third quarter of 2024.collected in Q2 2024.
According to the bureau, local payments received were N920.91 billion while foreign CIT contributed N852.29 billion in Q3 2024.In Nigeria, the CIT is charged at 30 percent for companies with more than N100 million in turnover, and 20 percent for companies earning between N25 million and N100 million.
“On the other hand, Accommodation and food service activities had the least growth rate with –73.32%, followed by Financial and insurance activities with –70.04%.”A sectoral contribution breakdown showed that the top three largest shares in Q3 2024 were manufacturing followed by mining and quarrying , and information and communication .
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Nigeria's President Bails Finance Minister Amidst Global Anti-Corruption Drive in 2024Nigerian President Ola Olukoyede has released the Finance Minister, Mista Ibrahim Shazali, on bail ahead of a trial related to corruption and fraud. This decision was announced in a press conference following a meeting with the Economic and Financial Crimes Commission (EFCC) in Kano. The president cited the need for the minister's participation in the global anti-corruption drive as a reason for the bail.
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