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Nigeria Earned N392.77bn From Company Income Tax In Q1

Oluwasina Phillip

Nigerian Companies have added N392.77bn into the coffers of the Federal Government in the first quarter of 2021, according to the National Bureau of Statistics.

The bureau disclosed this in its  ‘Company Income Tax By Sector’ report.

The amount translates to a 32.84 per cent growth from the N295.68bn generated in the first quarter of 2020.

During the fourth quarter of 2020, Nigerian companies netted N295.72bn into the account of the FG.

During the period, Breweries, Bottling and Beverages generated the highest amount of CIT with N23.26bn pulled during the quarter.

Professional Services including Telecoms generated N18.17bn, while State Ministries and Parastatals generated N17.35bn.

NBS further revealed that the Textile and Garment Industry generated the least with N13.49m.

Mining and Automobiles and Assemblies with N34.40m and N73.57m generatedrespectively.

According to the official data, out of the total amount generated in Q1 2021, N152.33bn was generated as CIT locally.

Also, N184.59bn was generated as foreign CIT payment, while the balance of N55.85bn was generated as CIT from other payments.

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