Q1 22: Nigeria Generates N532.48 Billion From Company Income Tax

On behalf of the federal government of Nigeria, the Federal Inland Revenue Service has generated a sum of N532.48 billion from Company Income Tax (CIT) in the first quarter of 2022, which reflects a 35.6% increase compared to Q1 2021.

This increase was recently disclosed in the  Company Income Tax report, by the National Bureau of Statistics (NBS).

Specifically, company income tax revenue increased by 35.6% in Q1 2022 compared to N392.65 billion generated in the corresponding period of 2021.

On a quarter-on-quarter comparison, company income tax revenue increased by 53.1% compared to N347.81 billion recorded in Q4 2021.

 A total of N209.13 billion was generated from local companies, which is 19.2% lower than the N259.85 billion generated in the previous quarter. However, it is 37.3% higher than the N152.33 billion recorded in Q1 2021.

N323.35 billion, 263.5% and 75.3% higher than N88.96 billion and N184.47 billion recorded in Q4 and Q1 2021 respectively, was the foreign CIT payment for the year under review, while the FIRS recorded no revenue from other payments.