By Elizabeth Adegbesan
The federal government generated N392.77 billion as Company Income Tax (CIT) in the first quarter of this year (Q1’21).
This represents a 33 percent quarter-on-quarter (QoQ) increase in CIT when compared with N295.7 billion generated in Q4’20.
In its CIT by Sector Report for Q1’21 released today, the National Bureau of Statistics, NBS, said that the CIT generated in Q1’21 comprises N152.33 billion generated locally and N184.59 billion generated as foreign CIT payment. The balance of N55.85 billion was generated as CIT from other payments.
The report stated: “Data on CIT breakdown by sectors for Q1’21 reflected that the sum of N392.77 billion was generated as CIT as against N295.72 billion generated in Q4’20 and N295.68 billion generated in Q1’20 representing 33 percent increase QoQ and 33 percent increase Year-on-Year (YoY).
“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 while Textile and Garment Industry generated the least and closely followed by Mining and Automobiles and Assemblies with N13.49 million, N34.40 million and N73.57 million generated respectively.
“Out of the total amount generated in Q1’21, N152.33 billion was generated as CIT locally while N184.59 billion was generated as foreign CIT payment. The balance of N55.85 billion was generated as CIT from other payments.”