By Akanimo Sampson
Nigeria generated N392.77 billion as company income tax (CIT) in the first quarter of the financial year 2021, says the National Bureau of Statistics (NBS) in a new report.It explains that the company income tax generated represent an increase of N97.05 billion over N295.72 billion generated in the fourth quarter of 2020.The data agency further explained that the Q1, 2021 figure represented a 32.82 per cent increase Quarter-on-Quarter and 32.84 per cent increase Year-on-Year.
NBS says 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 and Parastatals generated N17.35 billion while textile and garment industry generated the least with N13.49 million.
“This was closely followed by mining with N34.40 million and automobiles and assemblies which generated N73.57 million.”According to the report, out of the total amount generated in the period under review, N152.33 billion was generated as CIT locally while N184.59 billion was generated as foreign CIT payment.
It adds that the balance of N55.85 billion was generated as CIT from other payments, pointing out that the data for the report was provided by the Federal Inla
