Nigeria’s financial and insurance sector has emerged as the largest contributor to the country’s company income tax (CIT) revenue in the first half of 2024, according to recent data from the National Bureau of Statistics (NBS).
Gatekeepers News reports that the sector recorded a total of N455.98 billion in CIT payments, followed closely by the manufacturing sector with N265.14 billion. The mining and quarrying sector also made a significant contribution of N251.65 billion, while the information and communication sector contributed N242.2 billion.
The CIT, also known as corporate tax, is levied on the profits made by companies operating in Nigeria and is regulated by the Companies Income Tax Act (CITA) and enforced by the Federal Inland Revenue Service (FIRS).
The NBS data showed that local companies contributed a total of N1.73 trillion to CIT revenue in H1 2024, with N386.49 billion recorded in Q1 and N1.35 trillion in Q2. Foreign payments stood at N1.72 trillion, with N598.13 billion recorded in Q1 and N1.12 trillion in Q2.
Combined, the foreign and local CIT payments reached N3.45 trillion in H1 2024, with a contribution of N984.61 billion in Q1 and N2.45 trillion in Q2.
The public administration and defence sector also contributed N94.68 billion to Nigeria’s CIT revenue in the first six months of the year.
