From the first to the third quarter of the year, corporation income tax (CIT) brought in a total of N2.08 trillion for the Nigerian government.
In comparison to the N1.34 trillion the government collected during the same period last year, the value is up 55%. Earnings from CIT in 2022 have already topped the whole amount reported last year by as much as 23%, and that is before accounting for the current quarter.
CIT had a total market value of N1.69 trillion last year. The amount is 27% more than the N1.33 trillion local CIT has so far this year brought in.
The annualized value of local CIT would have matched or surpassed the total CIT realized in 2021 by the end of the year.
The National Bureau of Statistics (NBS) said Monday that the government earned N810.19 billion in the third quarter, up from N714.4 billion in the second quarter, representing a growth rate of 13.41% on a quarterly (q/q) basis.
“Local payments received were N483.17 billion, while Foreign CIT Payment contributed N327.02 billion in Q3 2022. On a quarter-on-quarter basis, the Arts, entertainment and recreation activities recorded the highest growth rate with 93.33 per cent, followed by agriculture, forestry and fishing with 75.38 per cent.”
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“On the other hand, accommodation and food service activities had the lowest growth rate with – 64.81%, followed by water supply, sewerage, waste management and remediation activities with -64.75%. In terms of sectoral contributions, the top three largest shares in Q3 2022 were manufacturing with 28.76 per cent, information and communication with 27.31 per cent and finance and insurance with 8.81 per cent,” the report stated.
The survey also revealed that home employment activities and undifferentiated production of products and services by households for personal consumption had the lowest share at 0.003 percent, followed by 0.05 percent by water supply, sewage, waste management, and remediation activities. From the N472.52 billion realized in Q3 2021, activities related to extraterritorial organizations and bodies contributed 0.11 percent.
