On the aggregate, Company Income Tax (CIT) for Q3 2023 was reported at N1.75 trillion, indicating a growth rate of 14.27% on a quarter-on-quarter basis from N1.53 trillion in Q2 2023. Local payments received were N651.63 billion, while Foreign CIT Payment contributed N1.10 trillion in Q3 2023.

On a quarter-on-quarter basis education recorded the highest growth rate with 59.60%, followed by public administration and defence, compulsory social security with 57.04%. 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 –74.34%, followed by Water supply, sewerage, waste management and remediation activities with -73.25%.

In terms of sectoral contributions, the top three largest shares in Q3 2023 were information and communication with 26.18%; manufacturing with 23.90%; and mining and quarrying with 11.86%. Nevertheless, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00%, followed by water supply, sewerage, waste management, and remediation activities with 0.04% and activities of extraterritorial organizations and bodies with 0.10%. However, on a year-on-year basis, CIT collections in Q3 2023 increased by 115.90% from Q3 2022.

Data source: National Bureau of Statistics

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