Nigeria’s Company Income Tax (CIT) skyrocketed by 150.83% in Q2 2024, reaching N2.47 trillion compared to N984.61 billion in Q1 2024, according to the National Bureau of Statistics (NBS).
This significant increase highlights the improving fiscal landscape, with year-on-year growth of 59.52% from N1.55 trillion in Q2 2023.
The report indicates that local CIT payments contributed N1.35 trillion, while foreign CIT payments made up N1.12 trillion in Q2.
The agriculture, forestry, and fishing sector recorded the highest quarter-on-quarter growth rate at 474.50%, followed by financial and insurance activities, which grew by 429.76%, and the manufacturing sector with a 414.15% growth.
However, sectors such as household activities and extraterritorial organizations showed declines, with the lowest growth rates of -30.22% and -15.67%, respectively.
These trends reflect the divergent growth patterns across various sectors of the economy.
Financial and insurance activities led sectoral contributions with 15.53%, followed by manufacturing at 8.99% and information and communication at 7.84%.
Conversely, sectors like household services, water supply, and extraterritorial bodies contributed the least, with less than 0.05% of total CIT.
This surge in tax revenue underscores the resilience of Nigeria’s major economic sectors, while some areas continue to face challenges.