On the aggregate, Company Income Tax (CIT) for Q1 2022 was reported at N532.48 billion, a growth rate of 53.09% on a quarter-on-quarter basis from N347.81billion in Q4 2021. Local payments recorded were N209.13 billion in Q1 2022, while Foreign CIT Payment contributed N323.35 billion. On a quarter-on-quarter basis, the Activities of extraterritorial organizations and bodies recorded the highest growth rate with 60.61%, followed by Education with 39.76%, and Construction with 38.98%.
On the other hand, Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with - 79.94%, followed by Accommodation and food service activities with -51.07%. In terms of sectoral contributions, the top three largest shares in Q1 2022 were Manufacturing with 21.31%, Information and communication with 14.03%, and Financial and insurance with 12.20%. Conversely, the Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.02%, followed by Activities of Water supply, sewerage, waste management and remediation with 0.19%, and Activities of extraterritorial organizations and bodies with 0.34%. However, on a year-on-year basis, CIT collections in Q1 2022 increased by 35.61% from Q1 2021.
Data source: National Bureau of Statistics