FG Generates N392.77bn from Company Income Tax in Q1

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By James Emejo The federal government generated a total of N392.77 billion as Company Income Tax (CIT) in the first quarter of the year (Q1 2021), representing 32.82 per cent increase compared to N…

The federal government generated a total of N392.77 billion as Company Income Tax in the first quarter of the year , representing 32.82 per cent increase compared to N295.72 billion recorded in the preceding quarter, according to the National Bureau of Statistics .

Also, state ministries and parastatals generated N17.35 billion while the textile and garment industry generated N13.49 million.Out of the total amount generated in Q1 2021, N152.33 billion was generated as CIT locally while N184.59 billion was generated as foreign CIT payment.Furthermore, in the period under review, agriculture and plantations contributed N924.41 million to CIT, banks and financial institutions N9.25 billion, offshore operate N408.

 

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We need to work on micro economy,these figures must reflect more on the man on the street. No doubt,govt social program is good but govt must monitor other programs to ensure the effect gets to the intended people. Look into disbursements by. BOI,Micro fin bank,mobile loans etc

What is the generated money used for? Every day we here gains and generated money from different sector, yet we are impoverished. Nigeria is doomed. How I wished am not a Nigerian.😡😡 corruption at it's peak.

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