On the aggregate, Company Income Tax (CIT) for Q1 2024 was reported at N984.61 billion, indicating a growth rate of –12.87% on a quarter-on-quarter basis from N1.13 trillion in Q4 2023. Local payments received were N386.49 billion, while Foreign CIT Payment contributed N598.13 billion in Q1 2024.

On a quarter-on-quarter basis, Activities of households as em ployers, undifferentiated goods- and services-producing activities of households for own use recorded the highest growth rate with 330.42%, followed by Administrative and support service activities with 33.18%. On the other hand, activities of Manufacturing had the lowest growth rate with –70.24%, followed by Electricity, gas, steam and air conditioning supply with –69.14%. In terms of sectoral contributions, the top three 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%.

Nevertheless, 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 Water supply, sewerage, waste man agement, and remediation activities with 0.07% and Activities of extraterritorial organiza tions and bodies with 0.24%. However, on a year-on-year basis, CIT collections in Q1 2024 increased by 109.93% from Q1 2023. 

Data source: National Bureau of Statistics

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