Breweries, professional services top chart as FG generates N393bn as CIT in Q1 2021
Revenue generated by the Federal Government of Nigeria as company income tax (CIT) in the first quarter of 2021 stood at N392.77 billion.
This is according to the National Bureau of Statistics (NBS) in its recently released quarterly report on company income tax by sectors
The report reflect that the sum rose by 32.82 per cent quarter-on-quarter above N295.72 billion generated in Q4 2020 and stood 32.84 per cent higher year-on-year than N295.68 billion generated in the comparative Q1 period of 2020.
Breakdown of the CIT show that out of the total amount generated in the first quarter of 2021, N152.33 billion was generated as company income tax locally while N184.59 billion was generated as foreign company income tax payments and the balance of N55.85 billion was generated as income tax from other payments.
On sectoral basis, the Nigerian data custodian revealed in the report that the Breweries, Bottling and Beverages sector generated the highest amount of company income tax with N23.26 billion, indicating a 32.95 per cent rise year on year from the previous year’s performance.
The sector was closely followed by professional services including telecoms which generated N18.17 billion in company income tax.
Despite the performance, the figure fell short of the year on year figure by 36.84 per cent from Q1 2020 figures and in the same vein the last quarter of 2020 figure by 43.52 per cent quarter on quarter decline.
Furthermore, the CIT report for the first quarter of 2021 revealed that State Ministries & Parastatals followed the log of highly generating sectors after it recorded the sum of N17.35 billion.
Major highlights from the data revealed that Manufacturing generated N16.25 billion; Oil Producing companies generated N15.36 billion, while Not Available and Commercial and Trading companies generated N14.61 billion and N13.5 billion as company income taxes for the first three months of 2021 respectively.
Furthermore, companies within the Banks & Financial Institutions canvassed N9.25 billion; Federal Ministries & Parastatals N6.35 billion; Transport and Haulage Services N4.48 billion; Stevedoring, Clearing and Forwarding; and Properties and Investments sectors with N1.6 billion and N1.08 billion respectively all contributed to the positive growth of the total quarterly growth of the company income tax.
Other sectors of the Nigerian economy such as the Pharmaceutical, Soaps and Toiletries with N958 million; Agricultural and Plantations sector generated N924 million; gas with N805.9 million; Hotels and catering sector reported N789.8 million while Building and Construction, Chemicals, Paints and Allied Industries and the Conglomerates sectors all report incomes taxes in the tune of N2.3 million, N354.35 million and N568.84 million respectively.
Meanwhile, the Textile and Garment Industry generated the lowest revenue and was closely followed by the Mining and Automobiles and Assemblies with N13.49 million, N34.40 million and N73.57 million generated respectively
