Recent report published by the National Bureau of Statistics revealed that Company Income Tax (CIT) for Q2 2024 was reported at N2.47 trillion, indicating a growth rate of 150.83% on a quarter-on-quarter basis from N984.61 billion in Q1 2024.
Local payments received were N1.35 trillion, while Foreign CIT Payment contributed N1.12 trillion in Q2 2024. On a quarter-on-quarter basis Agriculture, forestry and fishing recorded the highest growth rate with 474.50%, followed by Financial and insurance activi ties and manufacturing with 429.76% and 414.15 respectively.
On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with –30.22% followed by Activities of extraterritorial organizations and bodies with –15.67%. In terms of sectoral contributions, the top three largest shares in Q2 2024 were Financial and insurance activities with 15.53%; manufacturing with 8.99%; and Information and communication with 7.84%.
Nevertheless, the activities of households as employers, undifferen tiated goods- and services-producing activities of households for own use recorded the least share with 0.00%, followed by water supply, sewerage, waste management, and reme diation activities with 0.02% and activities of extraterritorial organizations and bodies with 0.03%. However, on a year-on-year basis, CIT collections in Q2 2024 increased by 59.52% from Q2 2023 which recorded 1.55 trillion.