Companies paid N393bn in taxes to Nigerian govt in Q1: NBS

The company income tax paid to the Nigerian government rose to N392.77 billion in the first quarter of this year from N295.72 billion in Q4 2020 and N295.68 billion in Q1 2020, the National Bureau of Statistics said on Wednesday.

The NBS said breweries, bottling and beverages generated the highest CIT of N23.26 billion, followed by professional services including telecoms, which generated N18.17 billion.

State ministries and parastatals generated N17.35 billion while textile and garment industry, mining as well as automobiles and assemblies generated N13.49 million, N34.40 million and N73.57 million respectively.

The statistics office said out of the total amounted generated in Q1 2021, N152.33bn was generated as CIT locally while N184.59bn was generated as foreign CIT payment.

The balance of N55.85bn was generated as CIT from other payments, it added.