Agriculture led firm revenue tax with 474.50% in Q2 2024 – NBS report

The agricultural sector led the expansion in Firm Revenue Tax in Nigeria throughout the second quarter of 2024, recording a 474.50 per cent enhance on a quarter-on-quarter foundation, based on the most recent report from the Nationwide Bureau of Statistics launched on Monday.

On the combination, CIT for Q2 2024 stood at N2.47tn, marking a 150.83 per cent progress from N984.61bn in Q1 2024.

Native funds contributed N1.35tn, whereas overseas CIT funds accounted for N1.12tn throughout the interval beneath overview.

“Agriculture, forestry, and fishing recorded the very best progress price at 474.50%, showcasing the sector’s rising contribution to the nationwide financial system,” the report highlighted.

This efficiency is adopted intently by the monetary and insurance coverage actions sector, which grew by 429.76 per cent, and the manufacturing sector, which expanded by 414.15 per cent.

In distinction, sure sectors struggled in Q2 2024.

“The actions of households as employers, undifferentiated goods- and services-producing actions for family use noticed the bottom progress price at -30.22%, adopted by actions of extraterritorial organizations and our bodies at -15.67%,” the report famous.

For sectoral contributions to whole CIT income, the monetary and insurance coverage actions sector led with 15.53 per cent, adopted by manufacturing with 8.99 per cent, and data and communication with 7.84 per cent.

Nonetheless, some sectors lagged considerably. “The actions of households as employers recorded a 0.00% share, whereas water provide, sewerage, and waste administration actions contributed 0.02%, and extraterritorial organizations added 0.03%,” based on the NBS report.

On a year-on-year foundation, CIT collections for Q2 2024 confirmed a 59.52 per cent enhance from N1.55tn recorded in Q2 2023, reflecting broader financial restoration and progress throughout key sectors.