Abuja, March 15, 2024: The nation’s aggregate Company Income Tax (CIT) for fourth quarter (Q4) of 2023, stood at N1.13 trillion, the National Bureau of Statistics (NBS) reports.
The figure is contained in the NBS Company Income Tax(CIT) Q4 2023 Report released in Abuja on Thursday.
According to the report, the figure shows a growth rate of –35.40 per cent on a quarter-on-quarter basis from N1.75 trillion recorded in Q3 2023.
The report said local payments received were N533.93 billion, while foreign CIT payment contributed N596.10 billion in Q4 2023.
It said on a quarter-on-quarter basis, electricity, gas, steam and air conditioning supply recorded the highest growth rate at 79.65 per cent , followed by construction with 57.86 per cent .
“On the other hand, information and communication activities at –69.44 had the lowest growth rate.
“This was followed by public administration and defence, compulsory social security at –23.75 per cent. ”
In terms of sectoral contributions, the report showed that the top three largest shares in Q4 2023 were manufacturing at 12.84 per cent.
“This was followed by financial and insurance activities at 6.25 per cent, and mining and quarrying at 5.90 per cent.”
It said on the other hand, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share at 0.00 per cent.
“This was followed by water supply, sewerage, waste management, and remediation activities at 0.02 per cent and activities of extraterritorial organisations and bodies at 0.07 per cent.”
