Nigerian Firms Pay N1.25 Trillion Tax In Six Months

For the first six months of 2022, Nigerian firms paid a sum of N1.25 trillion tax to the Federal  Government despite facing acute foreign exchange and energy challenges.

This is according to the data from the National Bureau of Statistics.

The data further revealed company income tax grew from N697.71billion in the first half of 2020 to N864.84 billion in the corresponding period of 2021, and N1.25 trillion in the same period of 2022.

Commenting on CIT for the second quarter of 2022, the nation’s statistics body said, “On the aggregate, CIT (CIT) for Q2 2022 was reported at N714.40billion, indicating a growth rate of 29.53 per cent on a quarter-on-quarter basis from N551.53 billion in Q1 2022.

"Local payments received were N634.01billion, while Foreign CIT payment contributed N80.39 billion in Q2 2022.

"On a quarter-on-quarter basis, the Activities of accommodation and food services recorded the highest growth rate with 481.93 per cent, followed by Information and communication with 430.67 per cent, and Transportation and storage with 339.08 per cent.

“On the other hand, Activities of extraterritorial organizations and bodies had the lowest growth rate with – 42.59 per cent, followed by activities of households as employers, undifferentiated goods and ser-vices-producing activities of households for own use with -31.80 per cent.”