According to the report, N2.47 trillion was recorded as Company Income Tax (CIT) for the second quarter of 2024.

According to information released by the National Bureau of Statistics, Nigeria’s company income tax for the second quarter of 2024 was N2.4 trillion.

According to the report, N2.47 trillion was recorded as Company Income Tax (CIT) for the second quarter of 2024.

Comparing this to N984.61 billion in Q1 2024, it shows a growth rate of 150.83% on a quarter-over-quarter basis.

Additional information released indicates that in Q2 2024, foreign CIT payments contributed N1.12 trillion, while local payments were N1.35 trillion.

Quarter-over-quarter, the industries with the largest growth rates were manufacturing (429.76%), banking and insurance activities (429.76%), and agriculture, forestry, and fisheries (474.50%).

The National Bureau of Statistics released the following data: N12 billion was spent on lodging and food service; N776 million was spent on extraterritorial organisations and bodies; N10.9 billion was recorded for administrative and support services; N25.7 billion was spent on agriculture, forestry, and fishing; N383.5 billion was spent on financial and insurance activities; N193.6 billion was spent on information and communication; and N170.7 billion was spent on mining and quarrying.

Real estate accounted for N5.6 billion, transportation and storage for N52.4 billion, and foreign company income tax for N1.119 trillion, among other sectors.