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NBS: FG’s revenue from company income tax tripled to N1.53trn in Q2 2023

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The federal government revenue from company income tax (CIT) more than tripled to N1.53 trillion in the second quarter (Q2) of 2023.

The federal government’s revenue from company income tax more than tripled to N1.53 trillion in the second quarter of 2023.CIT report on Monday, show that the value is 226.40 percent higher than the N469 billion the government rake in Q1 2023.is a tax on the profits of registered companies in Nigeria. It also includes the tax on the profits of foreign firms operating in the country.

“On the aggregate, Company Income Tax for Q2 2023 was reported at N1.53 trillion, indicating a growth rate of 226.40% on a quarter-on-quarter basis from N469.01 billion in Q1 2023,” the report reads.“Local payments received were N1.02 trillion, while Foreign CIT Payment contributed N505.91 billion in Q2 2023.

“On the other hand, education had the lowest growth rate with – 15.48%, followed by public administration and defence, compulsory social security with 25.46%.”In terms of sectoral contributions, the top three largest shares in Q2 2023 were manufacturing ; financial and insurance activities ; and the information and communication sector .

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Nigeria's Company Income Tax rises to N1.53trn in Q2 2023Nigeria's Company Income Tax, CIT increased by 226.40 percent N1.53 trillion in the second Quarter of 2023 compared to N469.01 billion in Q1 2023. The
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