Company Income Tax in Nigeria fell by 12.87% q/q in Q1 of 2024

In Q1 2024, the Company Income Tax in Nigeria amounted to N984.61 billion, representing a decrease of 12.87% compared to the previous quarter’s N1.13 trillion. The local payments received accounted for N386.49 billion, while the Foreign CIT Payment contributed N598.13 billion.

When analyzing the growth rates of Company Income Tax in Nigeria on a quarter-on-quarter basis, the activities of households as employers and undifferentiated goods- and services-producing activities of households for own use exhibited the highest growth rate of 330.42%. Following closely behind was the administrative and support service activities sector with a growth rate of 33.18%. Conversely, the manufacturing sector experienced the lowest growth rate of -70.24%, with electricity, gas, steam, and air conditioning supply sector following closely at -69.14%.

In terms of sectoral contributions, the top three sectors of Company Income Tax in Nigeria with the largest shares in Q1 2024 were mining and quarrying with 20.94%, financial and insurance activities with 18.73%, and information and communication with 12.56%. On the other hand, the activities of households as employers and undifferentiated goods- and services-producing activities of households for own use had the smallest share at 0.02%, followed by water supply, sewerage, waste management, and remediation activities with 0.07%, and activities of extraterritorial organizations and bodies with 0.24%. However, when comparing the year-on-year basis, Company Income Tax in Nigeria collections in Q1 2024 witnessed a significant increase of 109.93% compared to Q1 2023.