The just-released CIT Q2 2022 Report by the National Bureau of Statistics (NBS) has shown that Nigeria generated Companies Income Tax (CIT) to the tune of NGN714.4 billion in the second quarter (Q2) of 2022. In comparison with the collection in Q1 2022 (NGN551.5 billion), this figure represents a quarter-on-quarter increase of 29%, and when compared with Q2 2021, there is a year-on-year increase of 51.3%.

According to the report, which was released last Friday, 9th September 2022, local CIT payments amounted to NGN634.01 billion while foreign payments stood at NGN80.39 billion. Accommodation & Food Service activities had the highest growth rate (481.93%), Information & Communication ranked second highest with a growth rate of 430.6%, and then Transportation and Storage, with 339.08%.

The report stated that “…activities of extraterritorial organizations & bodies had the lowest growth rate with -42.59%, followed by Activities of households as employers, undifferentiated goods and services-producing activities of households for own use with -31.80%.” The top three contributing sectors were the Manufacturing sector with a share of 27.55%, the Information, and Communication sector (24.56%), and Financial and Insurance with 14.98%.

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