[NBS Report]: Nigeria’s company income tax rises 53% to N532.4bn in Q1’22

The National Bureau of Statistics (NBS), has released a report detailing Nigeria’s Company Income Tax (CIT) increase by 53% from the previous quarter to N532.48 billion in Q1 2022 from N347.8 billion in Q1 2021. ayokinews.com reports

According to the NBS’s CIT report for Q4’21, which was released on Thursday, the top three best contributing sectors in Q1’22 are manufacturing with 21.31%, Information and Communication with 14.03%, and Financial & Insurance making up 12.20%.

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The NBS report reads: ”On the aggregate, CIT for Q1’22 was reported at N532.48 billion, a growth rate of 53.09 per cent on a QoQ basis from N347.81billion in Q4’21.

“Local payments recorded were N209.13 billion in Q1’22, while Foreign CIT Payment contributed N323.35 billion.

“On a QoQ basis, the activities of extraterritorial organizations and bodies recorded the highest growth rate with 60.61 per cent, followed by Education with 39.8 per cent, and Construction with 38.9 per cent.

Read: Nigeria’s GDP improves by 3.11% in Q1 2022

“On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with 79.9 per cent, followed by accommodation and food service activities with -51.07 per cent.

“In terms of sectoral contributions, the top three largest shares in Q1 2022 were Manufacturing with 21.31 per cent, Information and communication with 14.03 per cent, and Financial and insurance with 12.20 per cent.

“Conversely, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.02 per cent, followed by activities of Water supply, sewerage, waste management and remediation with 0.19 per cent, and activities of extraterritorial organizations and bodies with 0.34 per cent.

“However, on a year-on-year basis, CIT collections in Q1’22 increased by 35.61 per cent from Q1’21.”

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