Company Income Tax: FG rakes in N1.77trn in Q3 2024

The National Bureau of Statistics (NBS) has reported that amount realized from Company Income Tax (CIT) for Q3 2024 was N1.77 trillion, indicating a decline of 28.20% on a quarter-on-quarter basis from N2.47 trillion in Q2 2024.

Local payments received were N920.91 billion, while Foreign CIT Payment contributed N852.29 billion in Q3 2024.

On a quarter-on-quarter basis, Electricity, gas, steam and air conditioning supply recorded the highest growth rate with 47.51%, followed by Public administration and defence, compulsory social security with 19.25%.

On the other hand, Accommodation and food service activities had the least growth rate with –73.32%, followed by Financial and insurance activities with –70.04%.
In terms of sectoral contributions, the top three largest shares in Q3 2024 were Manufacturing with 25.47%, followed by Mining and quarrying with 18.37%; and Information and communication with 15.07%.

Nevertheless, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.004%, followed by Water supply, sewerage, waste management, and remediation activities with 0.03% and Activities of extraterritorial organizations and bodies with 0.08%. However, on a year-on-year basis, CIT collections in Q3 2024 increased by 1.37% from Q3 2023.