Companies paid N392.77bn as tx in Q1 2021

National Bureau of Statistics has said that companies operating in Nigeria and affiliates abroad paid a total tax of N392.77 billion to the federal government in the first quarter of 2021. In its May report, the Bureau said “Data on Company Income Tax breakdown by sectors for Q1 2021 reflected that the sum of N392.77bn was generated as CIT as against N295.72 billion generated in Q4 2020 and N295.68bn generated in Q1 2020 representing 32.82% increase Quarter-on-Quarter and 32.84% increase Year-on-Year. 

Breweries, Bottling and Beverages generated the highest amount of CIT with N23.26 billion generated and closely followed by Professional Services including Telecoms which generated N18.17 billion, State Ministries & Parastatals generated N17.35 billion while Textile and Garment Industry generated the least and closely followed by Mining and Automobiles and Assemblies with N13.49 million, N34.40 million and N73.57 million generated respectively. 

Out of the total amounted generated in Q1 2021, N152.33 billion was generated as CIT locally while N184.59 billion was generated as foreign CIT payment. The balance of N55.85 billion was generated as CIT from other payments.