Tax revenue accruable to the Federal Government from registered companies operating in Nigeria in the first quarter of 2023 recorded a decline to the tune of -37.79 percent.
The National Bureau of Statistics, in a company income tax data released recently, revealed that the Federal Government realised N469.01 billion in the review period compared with N753.88 billion received in the last quarter of 2022.
Breakdown of the figure showed that local payments received were N300.78 billion, while foreign CIT payments 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 percent, followed by construction with 42.32 percent.
On the other hand, water supply, sewerage, waste management, and remediation activities had the lowest growth rate with – 69.38 percent, followed by other service activities with -60.13 percent.
In terms of sectoral contributions, the top three largest shares in Q1 2023 were financial & insurance activities with 22.94 percent; manufacturing with 20.91 percent; and information and communication with 11.89 percent.
Conversely, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01 percent, followed by water supply, sewerage, waste management, and remediation activities with 0.04 percent; and activities of extraterritorial organisations and bodies with 0.12 percent.
However, on a year-on-year basis, CIT collections in Q1 2023 decreased by 14.96 percent from Q1 2022.
