FG earns N2.47trn from income tax—NBS

National Bureau of Statistics has said that the federal government collected N2.47 trillion as income tax in the second quarter of 2024. According to NBS “On the aggregate, Company Income Tax (CIT) for Q2 2024 was reported at N2.47 trillion, indicating a growth rate of 150.,83% on a quarter-on-quarter basis from N984.61 billion in Q1 2024. Local payments received were N1.35 trillion, while Foreign CIT Payment contributed N1.12 trillion in Q2 2024. On a quarter-on-quarter basis Agriculture, forestry and fishing recorded the highest growth rate with 474.50%, followed by Financial and insurance activities and manufacturing with 429.76% and 414.15 respectively.

“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 –30.22% followed by Activities of extraterritorial organisations and bodies with –15.67%. In terms of sectoral contributions, the top three largest shares in Q2 2024 were Financial and insurance activities with 15.53%; manufacturing with 8.99%; and Information and communication with 7.84%.

“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 0.02% and activities of extraterritorial organisations and bodies with 0.03%. However, on a year-on-year basis, CIT collections in Q2 2024 increased by 59.52% from Q2 2023 which recorded 1.55 trillion”.