FG Rakes in N810.19 Billion in CIT

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CEM REPORT, FINANCE | A total of N810.19 billion was generated by the Federal Government as Company Income Tax (CIT) for the third quarter of the year (Q3’22).

This represents a 13.41% increase when compared to the N714.40 billion generated in the previous quarter and a 71.46% increase on a year-on-year basis (Q3’21).

According to the recently released National Bureau of Statistics (NBS) CIT report for the third quarter of 2022 local payments received were N483.17 billion, while Foreign CIT Payment contributed N327.02 billion in the third quarter of 2022.

A breakdown of the report reveals that on a quarter-on-quarter basis, Arts, entertainment, and recreation activities recorded the highest growth rate with 93.33%, followed by Agriculture, forestry, and fishing with 75.38%. On the other hand, Accommodation and food service activities had the lowest growth rate with – 64.81%, followed by Water supply, sewerage, waste management, and remediation activities with -64.75%.

Sectorial contribution reveals that Manufacturing, Information and Communication and Financial & insurance were the top three contributors with 28.76%, 27.31% and 8.81% respectively.

NBS added that the Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.003%, followed by Water supply, sewerage, waste management, and remediation activities with 0.05%; and Activities of extra-territorial organizations and bodies with 0.11%.

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