Nigeria’s company income tax revenue stood at N1.41 trillion in 2020, indicating a 13.35% decline when compared to N1.63 trillion recorded in the previous year.
That’s according to the latest CIT report released by the National Bureau of Statistics
According to the report, the latest figure represents the second consecutive drop in company income tax revenue, as the N1.41 trillion CIT collection represents a 13.4% decline as against N1.62 trillion in 2019 and a 0.49% decline when compared to N1.42 trillion recorded in 2018.
A Breakdown of the report shows that a total of N790.6 billion was collected locally, accounting for 56.1% of the total company income tax collections, N238.1 billion was in form of other payments, which represents 16.9% of the total collections while Foreign CIT payments (N380.8 billion) accounted for 27% of the total collections.
