Company Income Tax in Nigeria, or CIT, climbed by 226.40 percent to N1.53 trillion in the second quarter of 2023 from N469.01 billion in the first.
This information was provided in the CIT Q2 2023 report, which the National Bureau of Statistics released in September.
In Q2 2023, local payments totaled N1.02 trillion and foreign CIT payments N505.91 billion, according to the report.
Manufacturing accounted for the top three most significant sectoral shares in Q2 2023, followed by financial and insurance activities (24.47%), information and communication (20.30%), and financial services (25.63%).
The activities of household employers, which include families producing undifferentiated goods and services for their own consumption, had the smallest share, at 0.01 percent. These activities were followed by those of extraterritorial organisations and bodies, at 0.06 percent, and those related to water supply, sewage, waste management, and remediation, at 0.09 percent.
The federal government’s main source of income is CIT.
