The Federal Government’s (FG) revenue from company income tax in 2021, increased by 19.56% when compared to that of the preceding year.
The National Bureau of Statistics (NBS), in its latest report, stated that the FG raked in N1.69 trillion last year, as against the N1.41 trillion it recorded as revenue from company income tax in 2020.
As seen in the report, the President Muhammadu Buhari-led government raked in N392.77 billion during the first quarter of 2021, N472.07 billion in the second quarter, N472.52 billion in the third quarter, and N347.81 billion in the fourth quarter of 2021 from company income tax.
The report read: “In Q1 2021, 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 N17.35bn, while textile and garment industry generated the least, and closely followed by mining and automobiles/assemblies with N13.49 million, N34.40 million and N73.57 million generated respectively.
“In Q2 2021, professional services generated the highest amount of CIT with N130.09 billion generated and closely followed by ‘Other Manufacturing’ which generated N87.27bn; banks & financial institutions generated N60.01 billion while textile and garment industry generated the least and closely followed by automobiles and assemblies and pioneering with N27.23 million, N62.15 million and N64.30 million generated respectively.
“Third quarter 2021 recorded manufacturing activity (N64.48 billion); Information and Communication activity (N58.15 billion); and mining & quarrying activity (N36.01bn) as the top three largest share of revenue at 22.08%, 19.91% and 12.33% respectively.
“In terms of sectoral contributions, the top three largest shares in Q4 2021 were information and communication (N51.05 billion) with 19.72%; manufacturing (N45.09bn) with 17.42%; and financial and insurance activities (N31.06 billion) with 12.00%.”
