FG generates N532bn from company income tax in Q1

The federal government generated N532 billion from Company Income Tax (CIT) in the first quarter of this year, according to the National Bureau of Statistics (NBS). NBS, in a report, said the figure was 53.09 per cent increase of what was generated in the previous quarter (N347.81bn). A breakdown of the figure indicated that local […]

The federal government generated N532 billion from Company Income Tax (CIT) in the first quarter of this year, according to the National Bureau of Statistics (NBS).

NBS, in a report, said the figure was 53.09 per cent increase of what was generated in the previous quarter (N347.81bn).

A breakdown of the figure indicated that local payments to the government stood at N209.13bn while Foreign CIT payment contributed N323.35bn.

On a quarter-on-quarter basis, the activities of extraterritorial organisations and bodies recorded the highest growth rate with 60.61 per cent, followed by education with 39.76 per cent, and construction with 38.98 per cent. 

On the other hand, activities of households as employers, undifferentiated goods and services-producing activities of households for own use had the lowest growth rate with – 79.94 per cent, followed by accommodation and food service activities with -51.07 per cent.

Meanwhile, NBS and the Central Bank of Nigeria (CBN) are set to conduct a national household survey on income and expenditure to aid government formulation and policies.

Speaking yesterday at a press briefing in Abuja, the Statistician-General of the Federation/CEO (NBS), Mr. Semiu Adeyemi Adeniran, said data from the survey would help to track the success, or otherwise, of several policies and interventions put in place in recent years by government in response to the macro and socioeconomic effects of the COVID-19.

On his part, the CBN governor, Mr Godwin Emefiele, said the survey is to enable the government to have credible data and information that will aid policy articulation in the economy as a whole.

Represented by the deputy director, Monetary and Financial Statistics, Bello Yakubu, Emefiele noted that the survey would generate information on households, their pattern of consumption, income generation, house affordability and their residency and would be in line with international standards.