Economy
FG earned N472.07bn from company income tax in Q2 2021
National Bureau of Statistics has said that Nigeria earned N472.07 billion from Company Income Tax in the second quarter of 2021. According to data released by the NBS said that the sum of N472.07 billion was generated as company income tax as against N392.64 billion generated in Q1 2021 and N402.03 billion generated in Q2 2020 representing 20.23% increase Quarter-on-Quarter and 17.42% increase Year-on-Year.
NBS data indicates that professional services generated the highest amount of CIT with N130.09 billion generated and closely followed by manufacturing which generated N87.27 billion, Banks & Financial Institutions generated N60.01 billion while Textile and Garment Industry generated the least and closely followed by Automobiles and Assemblies and Pioneering with N27.23 million, N62.15 million and N64.30 million generated respectively. Out of the total amounted generated in Q2 2021, N412.74 billion was generated as CIT locally while N51.61 billion was generated as foreign CIT payment. The balance of N2.72 billion was generated as CIT from other payments.
| COMPANY INCOME TAX BREAKDOWN BY SECTORS | ||||||||
| 2021 | Quarter on Quarter % | Year on Year % | ||||||
| S/No | Classification | Q1 | Q2 | Q3 | Q4 | Total | Q1 2021 / Q2 2021 | Q2 2020 / Q2 2021 |
| 1 | Agricultural and Plantations | 924,419,833.16 | 2,990,066,836.70 | 3,914,486,669.86 | 223.45 | 152.08 | ||
| 2 | Automobiles and Assemblies | 73,573,733.80 | 62,145,786.74 | 135,719,520.54 | (15.53) | (23.86) | ||
| 3 | Banks & Financial Institutions | 9,255,990,682.37 | 60,007,244,969.98 | 69,263,235,652.35 | 548.31 | 22.59 | ||
| 4 | Breweries.Bottling and Beverages | 23,259,571,398.10 | 7,147,540,292.55 | 30,407,111,690.65 | (69.27) | (68.31) | ||
| 5 | Building and Construction | 2,976,931,859.24 | 5,075,669,091.19 | 8,052,600,950.43 | 70.50 | (16.40) | ||
| 6 | Chemicals, Paints and Allied Industries | 354,357,162.46 | 310,430,418.29 | 664,787,580.75 | (12.40) | 41.08 | ||
| 7 | Commercial and Trading | 13,498,999,034.66 | 23,650,733,866.51 | 37,149,732,901.17 | 75.20 | 61.54 | ||
| 8 | Conglomerates | 568,849,352.24 | 1,462,841,377.94 | 2,031,690,730.18 | 157.16 | 273.98 | ||
| 9 | Federal Ministries & Parastatals | 6,353,628,059.68 | 4,902,994,755.00 | 11,256,622,814.68 | (22.83) | 54.63 | ||
| 10 | Gas | 805,954,085.83 | 8,380,295,428.41 | 9,186,249,514.24 | 939.80 | 1,178.39 | ||
| 11 | Hotels and Catering | 789,833,476.97 | 2,849,753,470.42 | 3,639,586,947.39 | 260.80 | 618.99 | ||
| 12 | Local Government Councils | 221,668,579.13 | 182,125,458.86 | 403,794,037.99 | (17.84) | (36.42) | ||
| 13 | Minning | 34,403,394.26 | 12,489,746,151.37 | 12,524,149,545.63 | 36,203.82 | 30,027.03 | ||
| 14 | Not Available | 14,609,988,315.58 | 17,166,971,138.34 | 31,776,959,453.92 | 17.50 | 87.84 | ||
| 15 | Offshore Operations | 408,255,326.72 | 190,949,568.78 | 599,204,895.50 | (53.23) | (73.13) | ||
| 16 | Oil Marketing | 1,892,967,953.24 | 2,028,220,180.48 | 3,921,188,133.72 | 7.14 | (32.27) | ||
| 17 | Oil Producing | 15,356,262,633.49 | 8,241,082,551.48 | 23,597,345,184.97 | (46.33) | (3.76) | ||
| 18 | Other Manufacturing | 16,254,491,474.49 | 87,268,147,945.43 | 103,522,639,419.92 | 436.89 | 370.18 | ||
| 19 | Petro-Chemical and Petroleum Refineries | 557,231,418.33 | 84,617,742.85 | 641,849,161.18 | (84.81) | (96.18) | ||
| 20 | Pharmaceutical,Soaps and Toileteries | 958,429,933.35 | 1,597,655,025.94 | 2,556,084,959.29 | 66.70 | (20.29) | ||
| 21 | Pioneering | 204,084,930.25 | 64,295,944.41 | 268,380,874.66 | (68.50) | (93.04) | ||
| 22 | Professional Services | 18,170,418,658.14 | 130,093,965,646.22 | 148,264,384,304.36 | 615.97 | 103.90 | ||
| 23 | Properties and Investments | 1,080,753,560.38 | 3,345,317,454.22 | 4,426,071,014.60 | 209.54 | 485.63 | ||
| 24 | Publishing,Printing, Paper Packaging | 271,025,879.63 | 2,762,023,034.26 | 3,033,048,913.89 | 919.10 | 1,039.85 | ||
| 25 | State Ministries & Parastatals | 17,349,027,470.24 | 11,437,951,293.94 | 28,786,978,764.18 | (34.07) | 10.68 | ||
| 26 | Stevedoring, Clearing and Forwarding | 1,598,344,366.74 | 1,673,267,976.93 | 3,271,612,343.67 | 4.69 | 19.91 | ||
| 27 | Textile and Garment industry | 13,492,622.99 | 27,227,080.03 | 40,719,703.02 | 101.79 | (17.44) | ||
| 28 | Transport and Haulage Services | 4,483,225,417.89 | 22,242,631,559.27 | 26,725,856,977.16 | 396.13 | (28.50) | ||
| Sub-Total (Local) | 152,326,180,613.36 | 417,735,912,046.54 | 570,062,092,659.90 | 174.24 | 66.27 | |||
| Other Payments | 55,850,994,381.00 | 2,724,981,883.60 | 58,575,976,264.60 | (95.12) | (91.30) | |||
| Foreign CIT Payment | 184,474,096,834.09 | 51,605,506,069.86 | 236,079,602,903.95 | (72.03) | (56.80) | |||
| Total | 392,651,271,828.45 | 472,066,400,000.00 | 0 | 0 | 864,717,671,828.45 | 20.23 | 17.42 |
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