The Company Income Tax (CIT) sector of Nigeria has recorded a growth rate of 32.84%(year on year basis) in the first quarter of 2021, according to a report of the National Bureau of Statistics (NBS)
Nigeria generated a total of N392.8 billion from the CIT in the Q1 2021.
This accounted for a 32.84% increase from the corresponding period of Q1 2020. The CIT recorded for the Q1 2020 stood at N295.7 billion. Also, the CIT recorded a 32.82% increase in the quarter to quarter basis, compared to N294.72 billion generated in the Q4 2020.
Further breakdown of the report revealed that Breweries, Bottling, and Beverages generated the highest amount of CIT with N23.26 billion. Also, the Professional Services, including Telecoms came second with generated income tax of N18.17 billion. State ministries & parastatals came third with generated income tax of N17.35 billion.
The banks and financial institution sector also generated an income tax of N9.25 billion in the period under review with Agricultural and plantation sector recording N924million CIT.
Also, the Textile and Garment Industry generated the least CIT under the period in review with N13.49 million. The Mining sector recorded the second lowest CIT with N34.4 million while the Automobiles and Assemblies recorded the third lowest with N73.57 million, under the period in review.
