National Bureau of Statistics said the federal government generated N392.77 billion as Company Income Tax (CIT) in the first quarter of the year.

This is against N295.72 billion generated in Q4 2020 and N295.68 billion generated in Q1 2020, representing a 32.82 per cent and 32.84 per cent increase respectively.

The Bureau disclosed this in its “Company Income Tax by sectors Q1 2021”, released on Wednesday.

The bureau said breweries, beverages and bottling companies generated the highest amount of CIT with N23.26 billion, closely followed by professional services including telecoms which generated N18.17billion.

It said state ministries and parastatals generated N17.35 billion while textile and garment industry generated the least and closely followed by mining and automobiles and assemblies with N13.49 million, N34.40 million and N73.57 million generated respectively.

Out of the total amount generated in Q1 2021, N152.33 billion was generated as CIT locally while N184.59bn was generated as foreign CIT payment.

According to the report, the balance of N55.85 billion was generated as CIT from other payments.

PT