Company income tax paid by local firms surged by 249% in Q2 2024

Tax payments from local companies in Nigeria saw a massive 249.2 percent jump in the second quarter of 2024, according to the latest company income tax report by the National Bureau of Statistics .

NBS said local companies contributed N1.35 trillion in taxes to the federal government in Q2, compared to N386.49 billion in the previous quarter.While foreign firms operating in Nigeria contributed N1.72 trillion in Q2 — an increase of 87.2 percent compared to the N1.12 trillion reported in Q1.The NBS report showed that the agricultural sector contributed the highest company income tax in Q2, showing a remarkable 474.50 percent increase from the previous quarter.

However, in 2016, local payments surpassed that of foreign firms, as the former paid N620.78 billion, while CIT from the latter was N360.23 billion. The amount increased in 2019, as the government collected N813.17 billion from local firms and N615.52 billion from foreign firms.

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NBS: Company income tax increased by 150.83% to N2.47trn in Q2 2024The federal government generated a total of N2.47 trillion, from company income tax (CIT) in the second quarter (Q2) of 2024, an increase of 150.83 percent from the previous quarter figure.
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