Nigerian govt collects N532.4bn as tax from companies in Q1, 2022

Nigerian companies across the country both local and foreign-owned paid to the account of the federal government a total of N532.48 billion in tax in the first three months of 2022.

The money which was collected by the Federal Inland Revenue Service (FIRS) on behalf of the federal government was an increase of 35.6 per cent compared to N392.65 billion in Q1 2022.

This was published by the National Bureau of Statistics (NBS) on it’s website on Thursday.

When compared to the last quarter of 2021, company income tax revenue increased by 53.1% compared to N347.81 billion recorded in Q4 2021.

Company Income Tax (CIT) for Q1 2022 was reported at N532.48 billion, a growth rate of 53.09% on a quarter-on-quarter basis from N347.81billion in Q4 2021.

NBS segregation of the CIT payments for Q1, 2022 showed that Local companies paid N209.13 billion, while Foreign CIT Payment contributed N323.35 billion.