Nigeria generates N392.8bn from company income taxes in Q1 2021

Nigeria generated the sum of N392.8 billion from company income taxes in the first quarter of 2021, the National Bureau of Statistics (NBS) has disclosed.

The figure, which was disclosed in the NBS quarterly report on company income tax by sectors, represents an increase of N97.1 billion (32.84%) compared to N295.7 billion recorded in the corresponding quarter of 2020 and a 32.82% increase compared to N294.72 billion generated in the preceding period (Q4 2020).

Breweries, Bottling, and Beverages generated the highest amount of CIT with N23.26 billion generated and closely followed by Professional Services including Telecoms which generated N18.17 billion. State Ministries & Parastatals generated N17.35 billion.

Textile and Garment Industry generated the least company income tax in the period under review with N13.49 million closely followed by Mining (N34.4 million) and Automobiles and Assemblies with N73.57 million.

“Data on Company Income Tax breakdown by sectors for Q1 2021 reflected that the sum of N392.77bn was generated as CIT as against N295.72bn generated in Q4 2020 and N295.68bn generated in Q1 2020 representing 32.82% increase Quarter-on-Quarter and 32.84% increase Year-on-Year,” the report said.

“Breweries, Bottling and Beverages generated the highest amount of CIT with N23.26bn generated and closely followed by Professional Services including Telecoms which generated N18.17bn, State Ministries & Parastatals generated N17.35bn while Textile and Garment Industry generated the least and closely followed by Mining and Automobiles and Assemblies with N13.49m, N34.40m and N73.57m generated respectively.

“Out of the total amounted generated in Q1 2021, N152.33bn was generated as CIT locally while N184.59bn was generated as foreign CIT payment. The balance of N55.85bn was generated as CIT from other payments.”

Company Income Tax by Sectors (Q1 2021)