The Federal Government received N1.25 trillion in tax revenue from Nigerian businesses in the first half of 2022, despite their severe energy and exchange rates problems.
According to data issued over the weekend by the National Bureau of Statistics, corporation income tax increased from N697. 71 billion in the first half of 2020 to N864. 84 billion in the same time of 2021, and to N1.25 trillion in the same period of 2022.
This is a sign that Nigerian businesses are gradually recovering from the effects of COVID-19; yet the progress made by the epidemic recovery could be by an oncoming energy crisis.
The three industries that contributed the most during the quarter were manufacturing, information and communication, and finance and insurance.