Company Income Tax (CIT) collections in Nigeria fell to N1.77 trillion in the third quarter of 2024, marking a 28.20 per cent decline quarter-on-quarter from the N2.47 trillion recorded in Q2 2024, according to the latest report by the National Bureau of Statistics (NBS).
The report shows a slowdown in corporate tax revenues of 1.37 per cent year-on-year growth from Q3 2023 providing some stability. The report showed local payments accounted for the bulk of collections, contributing N920.91 billion, while foreign payments added N852.29 billion in Q3 2024.
Among sectors, Electricity, gas, steam, and air conditioning supply recorded the highest growth rate at 47.51 per cent followed by Public administration and defence, and compulsory social security with 19.25 per cent.
Conversely, Accommodation and food service activities experienced the steepest decline, with a growth rate of –73.32 per cent, followed closely by Financial and insurance activities, which contracted by –70.04%.
In terms of sectoral contributions, the Manufacturing sector emerged as the largest contributor, accounting for 25.47% of total CIT in Q3 2024. This was followed by Mining and quarrying with 18.37%, and Information and communication with 15.07%.
On the lower end, Activities of households as employers contributed the least, at 0.004%, trailed by Water supply, sewerage, waste management, and remediation activities with 0.03%, and Activities of extraterritorial organizations and bodies with 0.08%.
