2 weeks Ago By Abdulwahab Isa
The National Bureau of Statistics ( NBS) data confirmed a reduction in Company Income Tax ( CIT) by 28.20 per cent rate in quarter Q3 2024 at N1.77 trillion, on a quarter-on-quarter basis from N2.
47 trillion in Q2 2024. The 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 2024. On a quarter-on-quarter basis, electricity, gas, steam and air conditioning supply recorded the highest growth rate with 47.
51%, followed by Public administration and defence, and compulsory social security with 19.25%. On the other hand, accommodation and food service activities had the lowest growth rate with –73.
32%, followed by Financial and insurance activities with –70.04%. In terms of sectoral contributions, the top three largest shares in Q3 2024 were Manufacturing with 25.
47%, followed by Mining and quarrying with 18.37%; and Information and communication with 15.07%.
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%, followed by Water supply, sewerage, waste management, and remediation activities with 0.03% and Activities of extraterritorial organizations and bodies with 0.
08%..
