In the third quarter of 2024, ten major sectors in Nigeria generated N857.3 billion in Company Income Tax (CIT) for the Federal Government, marking an increase from N601.3 billion in the same quarter of the previous year.
These sectors include manufacturing, mining and quarrying, information and communication, financial and insurance activities, public administration and defence, compulsory social security, electricity, gas, steam, and air conditioning supply, wholesale and retail trade, repair of motor vehicles and motorcycles, transportation and storage, professional, scientific and technical activities, and other services.
Data from the Federal Inland Revenue Service (FIRS) and the National Bureau of Statistics (NBS) indicated a 28.2 percent decline in CIT for Q3 2024 compared to the previous quarter.
Local payments amounted to N920.91 billion, while foreign CIT payments contributed N852.29 billion in Q3 2024. CIT, also known as corporate tax, is levied on the profits of companies operating in Nigeria.
Despite economic challenges, the manufacturing sector contributed the highest percentage of revenue, followed by mining and quarrying, and information and communication. The top ten sectors that paid the most taxes in Q3 2024 were manufacturing, mining and quarrying, information and communication, financial and insurance activities, public administration and defence, compulsory social security, electricity, gas, steam, and air conditioning supply, wholesale and retail trade, repair of motor vehicles and motorcycles, transportation and storage, professional, scientific and technical activities, and other services.
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