Agriculture drove 474.50% CIT growth in Q2 2024 – NBS

• Published On: 09 September 2024 at 18:44

According to the most recent NBS report, the agricultural sector led Q2 2024 Company Income Tax growth in Nigeria, increasing by 474.50% from the previous quarter.

The CIT increased to N2.47 trillion, up 150.83% from N984.61 billion in the first quarter of 2024.

Notably, the agricultural sector experienced a remarkable 474.50% quarterly growth. Local CIT payments totalled N1.35 trillion, while foreign CIT payments were N1.12 trillion.

"Agriculture, forestry, and fishing recorded the highest growth rate at 474.50%, showcasing the sector's increasing contribution to the national economy," according to the analysis.

I'm following closely. The agricultural, financial, and insurance activities sectors saw a significant increase in CIT, growing by 429.76%, while the manufacturing sector also expanded by 414.15%.

However, other sectors struggled in the second quarter of 2024.

"The activities of households as employers, undifferentiated goods- and services-producing activities for household use saw the lowest growth rate at -30.22%, followed by activities of extraterritorial organisations and bodies at -15.67%," according to the report.

In terms of sectoral contributions to total CIT revenue in Q2 2024, the financial and insurance activities sector led with 15.53%, followed by the manufacturing sector (8.99%) and the information and communication sector (7.84%).

However, some sectors lag significantly. "The activities of households as employers recorded a 0.00% share, while water supply, sewerage, and waste management activities contributed 0.02%, and extraterritorial organisations added 0.03%," according to the National Bureau of Statistics report.

Year on year, CIT collections in Q2 2024 increased by 59.52% from N1.55 trillion in Q2 2023. This significant increase reflects broader economic recovery and growth in key sectors.