ADVERTISEMENT
TechEconomy
Friday, May 9, 2025
No Result
View All Result
Advertisement
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » Local Companies Contributed N1.35 Trillion in Taxes to the Federal Government in Q2-NBS

Local Companies Contributed N1.35 Trillion in Taxes to the Federal Government in Q2-NBS

Adetunji Tobi by Adetunji Tobi
September 12, 2024
in Finance
0
Revenue
Zacch Adedeji, the Chairman of the Technical Sub-Committee who doubles as Chairman of the Federal Inland Revenue Service. chairman FIRS

Zacch Adedeji, the Chairman of the Technical Sub-Committee who doubles as Chairman of the Federal Inland Revenue Service. chairman FIRS

RelatedPosts

IMF Loan | President Bola Tinubu

Nigeria Repays $3.4bn IMF COVID-19 Loan

May 9, 2025

Airtel Africa Publishes Results for Year Ended 31 March 2025

May 9, 2025

The National Bureau of Statistics (NBS), said local companies contributed N1.35 trillion in taxes to the federal government in Q2, compared to N386.49 billion in the previous quarter. While foreign firms operating in Nigeria contributed N1.12 trillion in Q2 — an increase of 87.2% compared to the N598.13 billion reported in Q1.

The NBS report showed that the agricultural sector contributed the highest company income tax in Q2, showing a remarkable 474.50% increase from the previous quarter.

“On a quarter-on-quarter basis, agriculture, forestry, and fishing recorded the highest growth rate with 474.50%, followed by financial and insurance activities and manufacturing with 429.76% and 414.15%, respectively,” the report said.

“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 -30.22%, followed by activities of extraterritorial organizations and bodies with -15.67%,” NBS said.

Meanwhile, Tax payments from local companies in Nigeria saw a massive 249.2 percent jump in the second quarter (Q2) of 2024, according to the latest company income tax (CIT) report by the National Bureau of Statistics (NBS).

The CIT, also known as corporate tax, is levied on the profits made by companies operating in Nigeria. It is regulated by the Companies Income Tax Act (CITA) and enforced by the Federal Inland Revenue Service (FIRS).

Currently, the tax is charged at 30 percent for companies with more than N100 million in turnover, and 20 percent for companies with a turnover ranging between N25 million and N100 million.

From 2015 to 2024, the country amassed a total of N20.68 trillion in corporate taxes.  In 2015, the federal government collected N1.38 trillion in corporate taxes, however, in 2016, the revenue decreased to N1.02 trillion.

The decline halted in 2017, as the CIT collected by the government climbed to N1.24 trillion. The upward trend continued, with N1.42 trillion CIT collected in 2018 and N1.63 trillion in 2019.

However, it declined to N1.41 trillion in 2020 but increased to N1.69 trillion in 2021.The growth continued in 2022, with collection reaching N2.83 trillion, climbing further to N4.89 trillion in 2023.

United BANK

Further analysis showed that over the past decade — excluding 2015 — local companies have paid more CIT than foreign firms operating in Nigeria.

In 2015, local companies paid N645.68 billion in corporate tax, while foreign firms contributed N715.52 billion. However, in 2016, local payments surpassed that of foreign firms, as the former paid N620.78 billion, while CIT from the latter was N360.23 billion.

This trend continued in 2017, with local companies paying CIT of N666.79 billion, compared to the N489.90 billion paid by foreign firms. In 2018, CIT from local and foreign firms amounted to N709.94 billion and N534.96 billion, respectively.

The amount increased in 2019, as the government collected N813.17 billion from local firms and N615.52 billion from foreign firms.

By 2020, payments from both local and foreign firms decreased to N628.58 billion and N317.25 billion, respectively. However, in 2021, company income tax collected from local firms crossed the N1 trillion mark, reaching N1.10 trillion, while foreign firms paid N527.62 billion.

In 2022, local and foreign firms CIT rose to N1.68 trillion and N1.15 trillion, respectively. But  by 2023, both local and foreign firms’ CIT had surpassed N2 trillion, with local firms paying company income tax of N2.51 trillion and foreign firms parting with N2.39 trillion.

Although 2024 data only covers the first half of the year, the current payments of N1.74 trillion for local firms and N1.72 trillion for foreign firms indicate an upward trend for the remainder of the year.

Loading

United BANK

Author

  • Adetunji Tobi
    Adetunji Tobi

    Tobi Adetunji is a Business Reporter with Techeconomy. Contact: adetunji.tobi@techeconomy.ng

    View all posts
0Shares

Tags: Federal Inland Revenue Service (FIRS)The National Bureau of Statistics (NBS)
Previous Post

Dangote Refinery Considers Exporting Fuel as Local Marketers Reject Lower Diesel Prices

Next Post

ECB Cut Interest Rates to 3.5%

Adetunji Tobi

Adetunji Tobi

Tobi Adetunji is a Business Reporter with Techeconomy. Contact: adetunji.tobi@techeconomy.ng

Related Posts

IMF Loan | President Bola Tinubu
Finance

Nigeria Repays $3.4bn IMF COVID-19 Loan

by Latifat Fashina
May 9, 2025
0

Nigeria has completed the repayment of $3.4 billion emergency loan secured from the International Monetary Fund (IMF) in 2020 under...

Read more
Sunil Taldar - Airtel Africa and World Teachers' Day

Airtel Africa Publishes Results for Year Ended 31 March 2025

May 9, 2025
Illicit Funds for Recapitalization | Naira

Naira Continues to Fall in Official Market, Closes at N1,610/$1

May 9, 2025
Professor Benedict Okey Oramah - Afriexim

Afreximbank Boosts Africa’s Creative Industry with $1 Billion Fund

May 8, 2025
Lagos, BOI, Sterling Bank Unveil N10bn Loan Scheme for MSMEs under LASMECO

LASMECO: Lagos, BOI, Sterling Bank Unveil N10bn Loan Scheme for MSMEs

May 8, 2025
cybersecurity levy by CBN and Naira

Naira Tumbles Further across Markets, Hits N1,609/$1 Official Rate 

May 8, 2025
Next Post
ECB Cut Interest Rates to 3.5%

ECB Cut Interest Rates to 3.5%

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

Audio Player
CYBERSECURITY ESSENTIALS
Techeconomy Podcast
CYBERSECURITY ESSENTIALS
BUILDING STRONGER NETWORKS AND COMMUNITIES[...]
  • 0.8
  • 1
  • 1.2
  • 1.5
  • 2
Download
  • Facebook
  • Twitter
  • Linkedin
  • Copy episode link Copied
  • Download
Captions
00:00
00:00
CYBERSECURITY ESSENTIALS
byTecheconomy

BUILDING STRONGER NETWORKS AND COMMUNITIES

CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Filmmaking and Technology: A chat with Micheal Chineme Ike
June 7, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

Video Player
https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz
00:00
00:00
00:31
Use Up/Down Arrow keys to increase or decrease volume.
uba

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.