The latest data by the National Bureau of Statistics (NBS) has shown that the Federal Government of Nigeria received N810.19 billion from corporate income tax (CIT) for Q3 2022, indicating the a growth rate of 13.41 percent in the fourth quarter. based on N714.40 billion in Q2 2022.
Local payments were N483.17 billion, while CIT payments from abroad contributed N327.02 billion in Q3 2022.
In the fourth quarter, Arts, entertainment and recreation activities recorded the highest growth rate at 93.33 percent, followed by Agriculture, Forestry and Fisheries at 75.38 percent. .
On the other hand, hospitality and catering services have the lowest growth rate – 64.81 percent, followed by water supply, sewage disposal, waste management and rehabilitation -64 ,75 percent.
In terms of sector participation, the three largest sectors in Q3 2022 were Manufacturing with 28.76 percent; Information and communication at 27.31 percent; and Financial & Insurance at 8.81%.
In contrast, household activity as an employer, the activity of producing undifferentiated goods and services by households for personal use accounted for the smallest share of 0.003 percent. , followed by water supply, waste, waste management and rehabilitation activities at 0.05 percent; and the activities of organizations and associations outside the area with 0.11 percent.
However, on a year-over-year basis, CIT collections in Q3 2022 increased by 71.46 percent over Q3 2021.