BY BAMIDELE FAMOOFO
Tax revenue from companies due to the Federal Government dropped by 26.4 percent to N347.81billion at the end of the last quarter in 2021 from N472.52 billion in Q3 2021.
Data released by the National Bureau of Statistics (NBS) on Thursday showed that the local payments of the aggregate income from companies in the review period stood at N258.85 billion, while Foreign CIT Payment contributed N88.96 billion.
On a quarter-on-quarter basis, positive growths were recorded in accommodation and food service activities which grew by 116.01 percent. Other activities which contributed handsomely to the pool in the review time include extraterritorial organizations and bodies, 128.92 percent; (128.92%); households as employers, undifferentiated goods and services-producing activities of households for own use accounted for 563.56 percent while construction grew by 33.32 percent.
Others are electricity, gas, steam, and air conditioning supply (84.68%); human health and social work activities (31.47%); other service activities (37.28%); professional, scientific and technical activities (51.47%); public administration and defence, compulsory social security (29.46%); real estate activities (17.99%); transportation and storage (2.04%); water supply, sewerage, waste management and remediation activities (26.08%); and wholesale and retail trade, repair of motor vehicles and motorcycles (13.91%).
On the other hand, decreases in collections were recorded in administrative and support service activities (-72.15%); agriculture, forestry and fishing (-34.52%); arts, entertainment and recreation (-25.31%); education (-1.61%); financial and insurance activities (-5.52%); information and communication (-4.33%); manufacturing (-23.21%); and mining and quarrying (-7.56%).
