Data published by the National Bureau of Statistics has shown that Nigeria recorded N2.4 trillion as Company Income Tax for the second quarter of 2024.
The report revealed that the Company Income Tax (CIT) for Q2 2024 was reported at N2.47 trillion.
This represents a growth rate of 150.83% on a quarter-on-quarter basis from N984.61 billion in Q1 2024.
Further details published show that local payments received were N1.35 trillion, while Foreign CIT Payment contributed N1.12 trillion in Q2 2024.
On a quarter-on-quarter basis, agriculture, forestry and fishing recorded the highest growth rate with 474.50%, followed by financial and insurance activities and manufacturing with 429.76% and 414.15 respectively.
The data published by the National Bureau of Statistics shows that accommodation and food service activities stood at N12 billion, activities of extra-territorial organizations and bodies were put at N776 million, administrative and support service activities recorded stood at N10.9 billion, agriculture, forestry and fishing were N25.7 billion, financial and insurance activities posted N383.5 billion, information and communication stood at N193.6 billion, and mining and quarrying stood at N170.7 billion.
Other sectors such as real estate stood at N5.6 billion, transportation and storage stood at N52.4 billion, while foreign company income tax stood at N1.119 trillion.
