Nigeria’s Company Income Tax (CIT) revenue declined by 28.20%, dropping to N1.77 trillion in the third quarter of 2024, compared to N2.47 trillion collected in the second quarter of the same year.
The National Bureau of Statistics (NBS) disclosed this in its latest CIT report, released on Friday.
The data revealed that local payments accounted for N920.91 billion, while foreign CIT payments contributed N852.29 billion during Q3 2024.
On a quarter-on-quarter basis, the electricity, gas, steam, and air conditioning supply sector recorded the highest growth in CIT collection, with a 47.51% increase. This was followed by public administration and defence, including compulsory social security, which grew by 19.25 %. Conversely, accommodation and food service activities experienced the steepest decline, with a –73.32% drop, followed by financial and insurance activities at –70.04%.
In terms of sectoral contributions, manufacturing led with 25.47% of total CIT revenue, followed by mining and quarrying at 18.37% and information and communication at 15.07%.
At the other end of the spectrum, the activities of households as employers, along with undifferentiated goods- and services-producing activities for own use, contributed the least at 0.004%. This was followed by water supply, sewerage, waste management, and remediation activities at 0.03%, and activities of extraterritorial organisations and bodies at 0.08%.
Despite the quarterly decline, CIT collections in Q3 2024 increased year-on-year by 1.37% compared to Q3 2023.
