• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, July 7, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Economic Downturn: Federal Govt Earnings From Company Tax Drops By 37% In Q1

by Bukola Idowu
2 years ago
in Business
Tax
Share on WhatsAppShare on FacebookShare on XTelegram

Following a downturn of economic activities in the first three months of the year due to the scarcity of cash in the country, government earnings from Company Income Tax (CIT) for the first quarter of the year dipped by 37.79 per cent.

Advertisement

Latest data released by the National Bureau of Statistics showed that on the aggregate CIT for Q1 2023 was reported at N469.01 billion, as against N753.88 billion that was reported in the last three months of 2022.

Data showed that local payments received were N300.78 billion, while Foreign CIT Payment contributed N168.23 billion in Q1 2023. On a quarter-on-quarter basis, the financial and insurance activities recorded the highest growth rate with 50.42 per cent, followed by construction with 42.32 per cent.

On the other hand, water supply, sewerage, waste management, and remediation activities had the lowest growth rate with – 69.38 per cent followed by other service activities with -60.13per cent. In terms of sectoral contributions, the top three largest shares in Q1 2023 were financial & insurance activities with 22.94 per cent; manufacturing with 20.91 per cent; and information and communication with 11.89per cent.

Conversely, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01per cent, followed by water supply, sewerage, waste management, and remediation activities with 0.04per cent; and activities of extraterritorial organizations and bodies with 0.12per cent. However, on a year-on-year basis, CIT collections in Q1 2023 decreased by 14.96per cent from Q1 2022.

RELATED

African Manufacturers Urge Investment In Local Industries

African Manufacturers Urge Investment In Local Industries

16 hours ago
Regularise Property Titles For Sustainable Housing Security, LASG Urges Homeowners

Regularise Property Titles For Sustainable Housing Security, LASG Urges Homeowners

16 hours ago

Meanwhile, aggregate Value Added Tax (VAT) for Q1 2023 was reported at N709.59 billion, showing a growth rate of 1.75per cent on a quarter-on-quarter basis from N697.38 billion in Q4 2022. Data from NBS showed that local payments recorded were N436.10 billion, Foreign VAT Payments were N151.13 billion, while import VAT contributed N122.37 billion in Q1 2023.

On a quarter-on-quarter basis, the activities of households as employers, undifferentiated goods- and services producing activities of households for own use recorded the highest growth rate with 349.86per cent, followed by construction with 95.64per cent.

On the other hand, activities of extraterritorial organizations and bodies had the lowest growth rate with –53.54per cent, followed by real estate activities with –47.01per cent. In terms of sectoral contributions, the top three largest shares in Q1 2023 were manufacturing with 29.65per cent; information and communication with 19.29per cent; and mining & quarrying with 12.24per cent.

Conversely, activities of extraterritorial organizations and bodies recorded the least share with 0.02per cent, followed by activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with 0.03per cent; and water supply, sewerage, waste management, and remediation activities with 0.04per cent. However, on a year-on-year basis, VAT collections in Q1 2023 increased by 20.56per cent from Q1 2022.

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: Tax
SendShareTweetShare
Previous Post

Work With Tinubu, Gana Tells 10th Assembly

Next Post

Interior Design Industry Generates Over N30bn Annually

Bukola Idowu

Bukola Idowu

You May Like

African Manufacturers Urge Investment In Local Industries
Business

African Manufacturers Urge Investment In Local Industries

2025/07/06
Regularise Property Titles For Sustainable Housing Security, LASG Urges Homeowners
Business

Regularise Property Titles For Sustainable Housing Security, LASG Urges Homeowners

2025/07/06
Notore Chemical Industries Delists From NGX
Business

Notore Chemical Industries Delists From NGX

2025/07/06
Business

PIA: PWDs Demand Inclusion In Niger Delta Host Community Board

2025/07/06
Share Local Content Success Strategies With Us, African Leaders Urge Nigeria
Business

Share Local Content Success Strategies With Us, African Leaders Urge Nigeria

2025/07/06
Burger King Recommits To Environmental Sustainability, Expands Footprint In Ogun
Business

Burger King Recommits To Environmental Sustainability, Expands Footprint In Ogun

2025/07/06
Leadership Conference advertisement

LATEST

2027: The North Will Celebrate Me If Elected President, Peter Obi Tells Critics

Sustainability Professionals Institute Holds 5th Induction, Targets Chartered Status

4 Years Enough To Deliver Results As Nigeria’s President – Peter Obi

Nigerian Idol S10: Double Elimination As Lawrence, Mikki Exit Show

2027: Tinubu’s ‘Incompetence’ Behind My Renewed Push To Be President — Obi

‘How I’d Lead Nigeria As President’, Peter Obi Speaks On 2027 Plans

Ola Aina Signs New 3-year Deal With Nottingham Forest

I Never Worked For Abacha Or Any Gov’t – Peter Obi

JAMB Releases Results Of Mop-up UTME

WAFCON 2024: Super Falcons Cruise To Winning Start, Thrash Tunisia 3-0

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.