Nigeria earned N416.01bn from CIT in third quarter 2020

National Bureau of Statistics has said that the sum of N416.01 was generated into the federal account from company income tax between July and September of this year. According to NBS “Data on Company Income Tax breakdown by sectors for Q3 2020 reflected that the sum of N416.01 billion was generated as company income tax as against N402.03 billion generated in Q2 2020 and N520.89 billion generated in Q3 2019 representing 3.48% increase Quarter-on-Quarter and -20.13% decrease Year-on-Year. 

Professional Services including Telecoms generated the highest amount of CIT with N55.52 billion generated and closely followed by Other Manufacturing which generated N42.03 billion, Banks & Financial Institutions generated N24.05 billion while Mining generated the least and closely followed by Textile and Garment Industry and Local Government Councils with N120.93m, N167.51million and N321.72 million generated respectively. Out of the total amounted generated in Q3 2020, N244.70 billion was generated as CIT locally while N70.34 billion was generated as foreign CIT payment. The balance of N100.97 billion was generated as CIT from other payments. 

The bureau said this in its “Company Income Tax by Sectors 2015 – Quarter Three (Q3 2020)’’ obtained from its website on Thursday in Abuja. It said that the amount was against N402.03 billion generated in Quarter Two 2020 and N520.89 billion generated in Q3 2019, representing a 3.48 per cent increase Quarter-on-Quarter and -20.13 per cent decrease Year-on-Year. The bureau said that professional services including telecoms generated the highest amount of CIT with N55.52 billion generated and closely followed by other manufacturing which generated N42.03 billion.

This was followed by banks and financial institutions which generated N24.05 billion, while mining generated the least with N120.93 million and closely followed by textile and garment industry with N167.51 million and Local Government Councils with N321.72 million. The NBS said that out of the total amount generated in Q3 2020, N244.70 billion was generated as CIT locally while N70.34 billion was generated as foreign CIT payment. The balance of N100.97 billion was generated as CIT from other payments, the report said. It added that the data was provided by the Federal Inland Revenue Service (FIRS) and verified and validated by the NBS.