The National Bureau of Statistics (NBS) has confirmed a reduction in Company Income Tax (CIT) by 28.20 per cent in Q3’24 at N1.77 trillion from N2.47 trillion in Q2’24.

Highest contributions were from the manufacturing sector, mining and information technology. Local payments received were N920.91 billion, while Foreign CIT Payment contributed N852.29 billion in Q3’ 24.

On a quarter-on-quarter basis, electricity, gas, steam and air conditioning supply recorded the highest growth rate with 47.51 per cent, followed by Public administration and defence, compulsory social security with 19.25 per cent.

On the other hand, accommodation and food service activities had the least growth rate with –73.32 per cent, followed by Financial and insurance activities with –70.04 per cent.

In terms of sectoral contributions, the top three largest shares in Q3’24 were manufacturing with 25.47 per ceny, followed by mining and quarrying with 18.37 per cent; and information and communication with 15.07 per cent.

Nevertheless, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.004 per cent, followed by Water supply, sewerage, waste management, and remediation activities with 0.03 per cent and activities of extraterritorial organisations and bodies with 0.08 per cent.

However, on a year-onyear basis, CIT collections in Q3’24 increased by 1.37 per cent from Q3’23. Similarly, NBS disclosed that Value Added Tax (VAT) for Q3’24 stood at at N1.78 trillion, showing a growth rate of 14.16 per cent on a quarter-onquarter basis from N1.56 trillion in Q2’24.

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