Govt’s Revenue From Company Income Tax Falls 20.1% To N416bn

Nigeria’s revenue from company income tax slumped again by 20.1 per cent in the third quarter to N416bn against the N520.89bn recorded during the same period of last year, according to official data.

The National Bureau of Statistics said this in its Company Income Tax Report for the third quarter of 2020.

Nigeria hit by the covid-19 health crisis during the period witnessed economic contraction of 3.62 per cent, including consecutive months of slide in the manufacturing index.

The official data revealed that Professional Services including Telecoms generated the highest amount of CIT of N55.52bn during the period.

The NBS said that Other Manufacturing Sector generated the second highest amount of CIT with N42.03bn in the third quarter of this year.

Deposit Money Banks and Financial Institutions generated N24.05bn, down from the N35.21bn recorded in the second quarter of 2019.

Local Government Councils generated N321.72m, which is an increase of 3.48 per cent from the N310.9bn recorded during the same period of last year.

Mining generated the least as it slumped by per cent to N120.93m from the N120.51m recorded during the same period of last year.

From the N416bn generated in third quarter 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, which rose by 99.9 per cent from the N50.5bn recorded in Q3 of last year.