The National Bureau of Statistics (NBS) reports that the nation’s aggregate company income tax (CIT) for Q1 2024 was N984.61 billion. According to the report, this figure shows a quarter-on-quarter growth rate of -12.87 per cent from the N1.13 trillion recorded in Q4 2023.

The figure was disclosed in the NBS Company Income Tax (CIT) Q1 2024 Report, released on Tuesday.

The report said local payments received were N386.49 billion, while foreign CIT payments contributed N598.13 billion in Q1 2024.

It said that on a quarter-on-quarter basis, household activities as employers and undifferentiated goods—and services-producing activities of households for own use recorded the highest growth rate, with 330.42 per cent.

The report said this was followed by administrative and support service activities with 33.18 per cent.

On the other hand, manufacturing activities had the lowest growth rate, with -70.24 per cent, followed by electricity, gas, steam, and air conditioning supply, with -69.14 per cent, according to the report.

Regarding sectoral contributions, the report showed that mining and quarrying had the top three largest shares in Q1 2024, with 20.94 per cent.

This was followed by financial and insurance activities with 18.73 per cent and information and communication with 12.56 per cent.

On the other hand, the activities of households as employers and undifferentiated goods—and services-producing activities of households for their own use recorded the least share, 0.02 per cent.

This was followed by 0.07 per cent of activities related to water supply, sewerage, waste management, and remediation and 0.24 per cent of activities related to extraterritorial organisations and bodies.

The report, however, said that, on a year-on-year basis, CIT collections in Q1 2024 increased by 109.93 per cent from Q1 2023.

(NAN)