Federal finance and statistics / National Bureau of Statistics

Company Income Tax Q1 2023

Executive Summary On the aggregate, Company Income Tax (CIT) for Q1 2023 was reported at N469.01 billion, indicating a growth rate of -37.79% on a quarter-on-quarter basis from N753.88 billion in Q4 2022. Local payments received were N300.78 billion, while Foreign CIT Payment contributed N168.23 billion in Q1 2023. On a quarter-on-quarter basis, the financial and insurance activities recorded the highest growth rate with 50.42%, followed by construction with 42.32%. On the other hand, water supply, sewerage, waste management, and remediation activities had the lowest growth rate with - 69.38%,…