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Nigerian govt collects N532.4bn as tax from companies in Q1, 2022

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Zainab Ahmed

Nigerian companies across the country both local and foreign-owned paid to the account of the federal government a total of N532.48 billion in tax in the first three months of 2022.

The money which was collected by the Federal Inland Revenue Service (FIRS) on behalf of the federal government was an increase of 35.6 per cent compared to N392.65 billion in Q1 2022.

This was published by the National Bureau of Statistics (NBS) on it’s website on Thursday.

When compared to the last quarter of 2021, company income tax revenue increased by 53.1% compared to N347.81 billion recorded in Q4 2021.

Company Income Tax (CIT) for Q1 2022 was reported at N532.48 billion, a growth rate of 53.09% on a quarter-on-quarter basis from N347.81billion in Q4 2021.

NBS segregation of the CIT payments for Q1, 2022 showed that Local companies paid N209.13 billion, while Foreign CIT Payment contributed N323.35 billion.

Read also: Telecom providers criticise Nigerian govt for introducing tax on phone calls

In terms of sectoral contributions, the manufacturing sector topped the list of sectors with the highest CIT remittance in Q1 2022 with N44.56 billion, followed by the ICT sector with N29.35 billion.

The financial and insurance sector remitted a sum of N25.51 billion as company income tax.

Fourth on the list was the mining and quarrying sector with N24.38 billion, public administration and defence, compulsory social security remitted N21.66 billion, while other service sectors remitted N14.92 billion.

Others on the list include wholesale and retail trade (N8.29 billion), transportation and storage (N7.96 billion), construction (N7.48 billion), and education (N5.24 billion).

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