Company Income Tax (CIT) has risen from N402.03 billion in Q2 2020 to N416.01 billion in Q3 2020, according to the Company Income Tax by Sectors released by the National Bureau of Statistics (NBS) on Thursday.
The sum of N520.89 billion was generated in Q3 2019, representing 3.48% increase quarter-on-quarter and 20.13% decrease year-on-year.
Telecoms, which is one of the professional services, generated the highest amount of CIT with N55.52 billion.
It was closely followed by the manufacturing sector, which generated N42.03 billion.
According to the report, Textile and Garment Industry and Local Government Councils got the least with N167.51 million and N321.72 million.
Banks and other financial institutions generated N24.05 billion, while mining generated the least with N120.93 million.
NBS revealed that out of the total amount generated in Q3 2020, N244.70 billion was generated as CIT locally, while N70.34 billion was generated as foreign CIT payment.
The report further indicated that the balance of N100.97 billion was generated as CIT from other payments.
