Nigeria’s company income tax revenue increased by 32.84% year-on-year in Q1 2021.
Nigeria generated the sum of N392.8 billion from company income taxes in the first quarter of 2021. This is contained in the quarterly report on company income tax by sectors, recently released by the National Bureau of Statistics (NBS).
This represents an increase of N97.1 billion (32.84%) compared to N295.7 billion recorded in the corresponding quarter of 2020 and a 32.82% increase compared to N294.72 billion generated in the preceding period (Q4 2020).
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 & Parastatals generated N17.35 billion.
Textile and Garment Industry generated the least company income tax in the period under review with N13.49 million closely followed by Mining (N34.4 million) and Automobiles and Assemblies with N73.57 million.