Mkpoikana Udoma
Port Harcourt — Nigeria’s Company Income Tax, CIT collections for the second quarter of 2024 reached N2.47 trillion, representing a significant growth rate of 150.83% quarter-on-quarter from N984.61 billion in Q1 2024, according to the National Bureau of Statistics, NBS.
According to the NBS data, local payments received accounted for N1.35 trillion, while Foreign CIT Payment contributed N1.12 trillion in Q2 2024.
The Agriculture, forestry, and fishing sector recorded the highest growth rate of 474.50%, followed by Financial and insurance activities with 429.76%, and manufacturing with 414.15%.
On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with -30.22%, followed by activities of extraterritorial organizations and bodies with -15.67%.
In terms of sectoral contributions, Financial and insurance activities led with 15.53%, followed by manufacturing with 8.99%, and Information and communication with 7.84%.
The activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00%, followed by water supply, sewerage, waste management, and remediation activities with 0.02%, and activities of extraterritorial organizations and bodies with 0.03%.
Compared to the same quarter in 2023, CIT collections in Q2 2024 increased by 59.52% from N1.55 trillion.
