Latest data by the National Bureau of Statistics (NBS) has shown that the Federal Government realised at least N810.19 billion from Company Income Tax (CIT) for Q3 2022, indicating a growth rate of 13.41 per cent on a quarter-on-quarter basis from N714.40 billion in Q2 2022.
Local payments received were N483.17 billion, while foreign CIT payment contributed N327.02 billion in Q3 2022.
On a quarter-on-quarter basis, the Arts, entertainment, and recreation activities recorded the highest growth rate with 93.33 per cent, followed by Agriculture, forestry, and fishing with 75.38 per cent.
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On the other hand, accommodation and food service activities had the lowest growth rate with – 64.81 per cent, followed by water supply, sewerage, waste management, and remediation activities with -64.75 per cent.
In terms of sectoral contributions, the top three largest shares in Q3 2022 were Manufacturing with 28.76 percent; Information and communication with 27.31 per cent; and Financial & insurance with 8.81 per cent.
Conversely, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.003 per cent, followed by water supply, sewerage, waste management, and remediation activities with 0.05 percent; and activities of extra-territorial organisations and bodies with 0.11 per cent.
However, on a year-on-year basis, CIT collections in Q3 2022 increased by 71.46 per cent from Q3 2021.