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The National Bureau of Statistics (NBS) has reported that Nigeria’s total company income tax (CIT) for the first quarter of 2024 amounted to N984.61 billion. This figure represents a 12.87 percent decline from the N1.13 trillion recorded in the fourth quarter of 2023.
The NBS disclosed these figures in its Company Income Tax (CIT) Q1 2024 Report released on Tuesday. According to the report, domestic payments amounted to N386.49 billion, while foreign CIT contributions reached N598.13 billion in Q1 2024.
On a quarter-on-quarter basis, household activities as employers and undifferentiated goods and services producing activities for household use experienced the highest growth rate at 330.42 percent. This was followed by administrative and support service activities, which grew by 33.18 percent.
Conversely, manufacturing activities saw the steepest decline with a growth rate of -70.24 percent, followed by electricity, gas, steam, and air conditioning supply at -69.14 percent.
In terms of sectoral contributions, mining and quarrying led with the largest share at 20.94 percent in Q1 2024. This was followed by financial and insurance activities at 18.73 percent, and information and communication at 12.56 percent.
Household activities as employers and undifferentiated goods and services producing activities for household use had the smallest share, contributing just 0.02 percent. This was followed by water supply, sewerage, waste management, and remediation activities at 0.07 percent, and extraterritorial organizations and bodies at 0.24 percent.
Despite the quarterly decline, the report highlighted a significant year-on-year increase in CIT collections, with a 109.93 percent rise from Q1 2023.
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