Nigeria’s agricultural sector led the growth in Company Income Tax (CIT) during the second quarter of 2024, recording a massive 474.50% increase, according to the latest report from the National Bureau of Statistics.
The total CIT for Q2 2024 reached N2.47 trillion, marking a 150.83% rise from N984.61 billion in Q1 2024. Local payments contributed N1.35 trillion, while foreign payments accounted for N1.12 trillion.
Aside from agriculture, the financial and insurance sector saw significant growth of 429.76%, and the manufacturing sector followed closely with a 414.15% rise. These sectors are making notable contributions to Nigeria’s economic expansion.
However, some sectors experienced negative growth. Household activities and extraterritorial organizations reported the lowest growth rates, at -30.22% and -15.67%, respectively, highlighting challenges in these areas.
PUNCH