• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, October 21, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Firms’ Income Tax Drops 12% Amid Declining Profit

by Kingsley Okoh
1 year ago
in Business
Tax
Share on WhatsAppShare on FacebookShare on XTelegram

Company Income Tax (CIT) paid by local and foreign companies in Nigeria declined by 12 per cent in the first quarter of 2024, data from the National Bureau of Statistics (NBS) has shown.

Advertisement

The decline is attributed to a combination of factors, including the ongoing economic challenges and the increasing difficulty for businesses to stay afloat. Many companies are struggling to maintain profitability due to rising costs, inflation, and other economic pressures.

The latest CIT report released by the NBS on Tuesday, showed that revenue to the federal government declined to N984.61 billion in Q1 from N1.13 trillion in the previous quarter.

Advertisement

“Local payments received were N386.49 billion, while Foreign CIT Payment contributed N598.13 billion in Q1 2024,” it disclosed.

CIT which is also known as corporate tax is a levy the government imposes on the income of a company.

The CIT rate is hinged on zero per cent for companies with gross turnover of N25 million or less, 20 per cent for companies with gross turnover greater than N25 million and less than N100 million, and 30 per cent for large companies above N100 million.

RELATED NEWS

New Tax Regime: Multinationals, Local Firms Get 5% Annual Tax Credit

Regulator Says Band A Customers Must Get 20-Hour Power Supply Daily

Manufacturers’ Export Group Re-elects Erewa-Meggison As Chairperson

Regulator Warns Public Of Fake Social Media Accounts with Komolafe’s Name

Since President Bola Tinubu announced petrol subsidy removal during his inauguration on May 29, pump prices have more than tripled to over N600, while the value of the naira has plunged following the floating of the currency sparking a bloodbath in the bottom lines of companies operating in Nigeria.

Companies in the country have had their bottom lines hit by the devaluation of the naira currency with some recording losses.

Further analysis of the NBS report disclosed that in terms of contribution, Mining, and quarrying contributed N80 billion; Financial and insurance activities with N72.4 billion, and Information and communication with N48.5 billion.

Also, revenue from government tax on value-added tax rose by 19.21 percent on a quarter-on-quarter basis to N1.43 trillion in Q1 from N1.20 trillion in Q4 2023.

The report disclosed that “Local payments recorded were N663.18 billion, Foreign VAT payments were N435.73 billion, while import VAT contributed N332.01 billion in Q1 2024.”

Join Our WhatsApp Channel

Breaking News: Nigerians at home and abroad can now earn in USD by acquiring ultra-premium domains from $3,000 and profiting up to $36,000. Perfect for professionals. Click here.

SendShare10170Tweet6356Share

OTHER NEWS UPDATES

New Tax Policy To Exempt 95% of Informal Sector — Oyedele
Business

New Tax Regime: Multinationals, Local Firms Get 5% Annual Tax Credit

25 minutes ago
Stakeholders Seek Full Power Sector Value Chain Alignment, Not DisCos Unbundling
Business

Regulator Says Band A Customers Must Get 20-Hour Power Supply Daily

27 minutes ago
Manufacturers’ Export Group Re-elects Erewa-Meggison As Chairperson
Business

Manufacturers’ Export Group Re-elects Erewa-Meggison As Chairperson

31 minutes ago
Advertisement
Leadership join WhatsApp

LATEST UPDATE

New Tax Regime: Multinationals, Local Firms Get 5% Annual Tax Credit

25 minutes ago

Regulator Says Band A Customers Must Get 20-Hour Power Supply Daily

27 minutes ago

Stock Market Opens Week On High Note, Gains N611bn

30 minutes ago

Manufacturers’ Export Group Re-elects Erewa-Meggison As Chairperson

31 minutes ago

$1trn Economy Goal Takes Centre Stage At Shareholders’ Triennial Conference

33 minutes ago
Load More

© 2025 Leadership Media Group - All Rights Reserved.

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

© 2025 Leadership Media Group - All Rights Reserved.