Nigerian Govt Gets N532.4bn As Tax From Companies In The 1st Quarter Of 2022.
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Nigerian Govt Gets N532.4bn As Tax From Companies In The 1st Quarter Of 2022.
Posted by Onome Naomi
In the first three months of 2022, Nigerian companies, both domestic and foreign-owned, paid a total of N532.48 billion in tax to the federal government’s account.
The money collected on behalf of the federal government by the Federal Inland Revenue Service (FIRS) increased by 35.6 percent from N392.65 billion in Q1 2022.
On Thursday, the National Bureau of Statistics (NBS) published this on its website.
Company income tax revenue increased by 53.1 percent in the fourth quarter of 2021, compared to N347.81 billion in the previous quarter.
Company Income Tax (CIT) for the first quarter of 2022 was N532.48 billion, up 53.09 percent from N347.81 billion in the fourth quarter of 2021.
Local companies paid N209.13 billion in CIT payments in Q1 2022, according to the NBS, while foreign CIT payments contributed N323.35 billion.
With N44.56 billion in CIT remittance in Q1 2022, the manufacturing sector topped the list of sectors with the highest CIT remittance, followed by the ICT sector with N29.35 billion.
Company income tax was paid in the amount of N25.51 billion by the financial and insurance sectors.
The mining and quarrying sector came in fourth with N24.38 billion, followed by public administration and defence with N21.66 billion, compulsory social security with N21.66 billion, and other service sectors with N14.92 billion.
Wholesale and retail trade (N8.29 billion), transportation and storage (N7.96 billion), construction (N7.48 billion), and education (N7.48 billion) are also on the list (N5.24 billion).
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