Nigeria’s agricultural sector spearheaded the remarkable growth in Company Income Tax (CIT) during the second quarter of 2024, recording an impressive 474.50% quarter-on-quarter increase, according to a report released on Monday by the National Bureau of Statistics (NBS).
The report shows that CIT for Q2 2024 reached N2.47 trillion, reflecting a substantial 150.83% rise from N984.61 billion in Q1 2024. Of the total, N1.35 trillion came from local payments, while N1.12 trillion was from foreign CIT contributions.
“Agriculture, forestry, and fishing recorded the highest growth rate at 474.50%, underscoring the sector’s expanding role in the nation’s economy,” the NBS noted. Following closely behind, the financial and insurance activities sector recorded a 429.76% growth, with the manufacturing sector growing by 414.15%.
However, not all sectors fared as well in Q2 2024. “Household employment activities saw the lowest growth rate at -30.22%, followed by extraterritorial organizations at -15.67%,” the report highlighted.
In terms of CIT revenue contributions, the financial and insurance sector led with 15.53%, followed by manufacturing at 8.99%, and information and communication at 7.84%. On the lower end, household employer activities contributed 0.00%, while water supply and sewerage activities added 0.02%, and extraterritorial bodies 0.03%.
Year-on-year, CIT collections for Q2 2024 increased by 59.52%, up from N1.55 trillion in Q2 2023, reflecting a broader economic recovery across key sectors.
