Despite COVID-19, Nigeria generates N416.01 billion from Company Income Tax in Q3 2020

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The Nigerian Government generated N416.01 billion as Company Income Tax (CIT), the National Bureau of Statistics (NBS) says.

The bureau stated this in its “Company Income Tax by Sectors 2015 – Quarter Three (Q3 2020)’’ obtained from its website on Thursday in Abuja.

Part of the report read, “Data on Company Income Tax breakdown by sectors for Q3 2020 reflected that the sum of N416.01bn was generated as CIT as against N402.03bn generated in Q2 2020 and N520.89bn generated in Q3 2019 representing 3.48% increase Quarter-on-Quarter and -20.13% decrease Year-on-Year.”

Despite COVID-19, Nigeria generates N416.01 billion from Company Income Tax in Q3 2020
Afolabi Sotunde Illustration Naira

The bureau said that professional Services including Telecoms generated the highest amount of CIT with N55.52bn generated and closely followed by Other Manufacturing which generated N42.03bn, Banks & Financial Institutions generated N24.05bn while Mining generated the least and closely followed by Textile and Garment Industry and Local Government Councils with N120.93m, N167.51m and N321.72m generated respectively.

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The NBS said that out of the total amounted generated in Q3 2020, N244.70bn was generated as CIT locally while N70.34bn was generated as foreign CIT payment. The balance of N100.97bn was generated as CIT from other payments.

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