Mkpoikana Udoma
Port Harcourt — Nigeria’s Company Income Tax, CIT, for the first quarter of 2024 stood at N984.61billion, indicating a declining growth rate of –12.87% on a quarter-on-quarter basis from N1.13 trillion recorded in Q4 2023, said the National Bureau of Statistics.
According to NBS, local payments received were N386.49 billion, while foreign CIT payment contributed N598.13 billion in Q1 2024.
On a quarter-on-quarter basis, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the highest growth rate with 330.42%, followed by administrative and support service activities with 33.18%.
Meanwhile, activities of manufacturing had the lowest growth rate with –70.24%, followed by electricity, gas, steam and air conditioning supply with –69.14%.
In terms of sectoral contributions, the top three largest shares in Q1 2024 were mining and quarrying with 20.94%; financial and insurance activities with 18.73%; and information and communication with 12.56%.
Similarly, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.02%, followed by water supply, sewerage, waste management, and remediation activities with 0.07% and activities of extraterritorial organizations and bodies with 0.24%.
However, on a year-on-year basis, CIT collections in Q1 2024 increased by 109.93 percent from Q1 2023.