Federal Government generates N2.83trillion from company income tax
Written by Joey Shekwonuzhibo on March 10, 2023
The federal government generated a total of N2.83 trillion from company income tax CIT, in 2022, an increase of 116 percent from its 2021 figure.
The National Bureau of Statistics NBS disclosed this in its recent CIT report for the fourth quarter of 2022.
Poor revenue generation has continued to pose a challenge to Nigeria’s finances, ultimately affecting its capability to finance its budget hence the resort to debt acquisition.
Last year, President Muhammadu Buhari had said the country’s poor performance in resource mobilisation was a source of concern, as tax revenues are approximately 8 percent of the country’s output,
However, in the latest CIT report, NBS says in Quarter 1 2022, the federal government got a total revenue of N551.53 billion; and in Quarter2, the figure increased to N714.40 billion.
In Quarter 3 of the same year, the CIT revenue further increased to N810.19 billion but had a 6.95 percent decrease in Quater4 to N753.88 billion.