Latest data by the National Bureau of Statistics (NBS) has shown that the Federal Government of Nigeria got at N810.19 billion from Company Income Tax (CIT) for Q3 2022, indicating a growth rate of 13.41 percent on a quarter-on-quarter basis from N714.40 billion in Q2 2022.
Local payments received were N483.17 billion, while foreign CIT payment contributed N327.02 billion in Q3 2022.
On a quarter-on-quarter basis, the Arts, entertainment, and recreation activities recorded the highest growth rate with 93.33 lercent, followed by Agriculture, forestry, and fishing with 75.38 percent.
On the other hand, accommodation and food service activities had the lowest growth rate with – 64.81 percent, followed by water supply, sewerage, waste management, and remediation activities with -64.75 percent.
In terms of sectoral contributions, the top three largest shares in Q3 2022 were Manufacturing with 28.76 percent; Information and Communication with 27.31 percent; and Financial & Insurance with 8.81 percent.
Conversely, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.003 percent, followed by water supply, sewerage, waste management, and remediation activities with 0.05 percent; and activities of extra-territorial organisations and bodies with 0.11 percent.
However, on a year-on-year basis, CIT collections in Q3 2022 increased by 71.46 percent from Q3 2021.
