Company Income Tax (CIT) collections in Nigeria fell to ₦1.77 trillion in the third quarter of 2024, representing a significant 28.20% decline from the ₦2.47 trillion collected in Q2 2024, according to the latest report from the National Bureau of Statistics (NBS).
Despite the quarter-on-quarter drop, the report highlighted a marginal 1.37% year-on-year growth compared to Q3 2023, offering a glimpse of stability in corporate tax revenues. Local tax payments dominated the collections in Q3 2024, contributing ₦920.91 billion, while foreign tax payments accounted for ₦852.29 billion.
The Electricity, gas, steam, and air conditioning supply sector posted the highest growth rate, surging by 47.51%, followed by Public administration and defence, and compulsory social security with 19.25%.
In contrast, the Accommodation and food service activities sector experienced the sharpest decline, plummeting by -73.32%, while the Financial and insurance activities sector contracted by -70.04%.
In terms of contributions to total CIT collections, the Manufacturing sector led the pack, accounting for 25.47%, followed by Mining and quarrying with 18.37%, and Information and communication with 15.07%.
At the lower end, Activities of households as employers contributed the least, with a mere 0.004%, followed by Water supply, sewerage, waste management, and remediation activities at 0.03%, and Activities of extraterritorial organizations and bodies at 0.08%.
The decline in overall CIT collections underscores the challenges businesses face in Nigeria’s economic environment, with significant variations across sectors reflecting a mixed performance landscape.
 collections in Nigeria fell to ₦1.77 trillion in the third quarter of 2024, representing a significant 28.20% ...){kind=link}