Group Hails Quantum Leap In Nigeria’s Company Income Tax Returns For Q2 2024

The Tinubu Stakeholders Forum (TSF) has described the National Bureau of Statistics’ (NBS) report of a 150 percent increase in Company Income Tax (CIT) in the second quarter of 2024 as a remarkable achievement and a positive development.

TSF’s Chairman Ahmad Sajoh and Secretary Afolabi Josiah said the massive improvement in the Q2 2024 figure over the previous quarter was commendable.

According to data released by the National Bureau of Statistics (NBS), CIT collection increased by an impressive 150.83%, reaching N2.47 trillion, a significant increase from N984.61 billion in the first quarter of this year.

“This outstanding performance reflects the government’s commitment to strengthening Nigeria’s fiscal policies and creating a favourable business environment for both domestic and foreign corporate entities.

“We acknowledge that foreign CIT payments increased to N1.12 trillion, while local payments contributed N1.35 trillion, representing a significant increase in national revenue.

“The agriculture, forestry, and fishing sectors experienced the greatest growth rate (474.50%), followed by financial and insurance activities (429.76%) and manufacturing (414.15%).

“For us, these figures emphasise the effectiveness of the President Bola Tinubu administration’s efforts to diversify the economy by promoting key sectors, including agriculture, which remains vital for employment and food security in Nigeria.”

“It is also worth noting that financial and insurance activities, which account for the largest share at 15.53%, reflect Nigeria’s growing confidence in its financial sector.”

“In addition to these impressive numbers, the consistency of CIT revenue growth over the last few years indicates a strong economic foundation.

“The 59.52% year-on-year increase, compared to the N1.55 trillion collected in Q2 2023, demonstrates President Bola Ahmed Tinubu’s sustained progress. His administration has made a strong commitment to creating an environment in which businesses can thrive despite global and domestic challenges.

“The 87.24% increase in foreign CIT payments from Q1 2024 reflects improved foreign investor confidence and compliance, which is an important aspect of the administration’s overall fiscal reforms.

“The Tinubu Stakeholders Forum commends the President and his team on their strategic approach to economic governance, which is driving growth and ensuring a more prosperous Nigeria.”

“We also encourage businesses, both local and international, to continue engaging with the government’s initiatives that are intended to build a resilient and thriving economy.”

The group stated that the accomplishment is consistent with the administration’s overall agenda of economic sustainability and national development.