Reforms: Group hails impressive Q2 2024 CIT returns, urges improvement in Nigeria’s non-oil sector

*The Tinubu Stakeholders Forum describes the latest report by the National Bureau of Statistics, of a 150 percent increase in Company Income Tax Q2 2024 as a remarkable achievement and positive development in the Nigerian economy

Isola Moses | ConsumerConnect

The Tinubu Stakeholders Forum (TSF) has described the recent report of the National Bureau of Statistics (NBS) of a 150 percent increase in Company Income Tax (CIT) in the Second Quarter (Q1) of 2024 as a remarkable achievement and positive development in the Nigerian economy.

Ahmad Sajoh, Chairman, and Afolabi Josiah, Secretary of TSF, said the massive improvement in the Q2 2024 figure over that of the preceding quarter was commendable.

The statement noted: “According to data released by the National Bureau of Statistics (NBS), the CIT collection rose by an impressive 150.83 percent, reaching N2.47 trillion, a significant increase from N984.61 billion in the first quarter of the year.”

The group also stated: “This outstanding performance reflects the government’s commitment to strengthening Nigeria’s fiscal policies and promoting a favourable business environment for corporate entities, both local and foreign.

“We acknowledge that foreign CIT payments surged to N1.12 trillion, while local payments contributed N1.35 trillion, marking a major boost to national revenue.”

The TSF said: “The agriculture, forestry, and fishing sectors saw the highest growth rate at 474.50%, followed by financial and insurance activities at 429.76% and manufacturing at 414.15%.

“For us, these figures underscore the effectiveness of the President Bola Ahmed 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 further noted: “It is also important to note that financial and insurance activities, contributing the largest share at 15.53%, showcase the growing confidence in Nigeria’s financial sector.

“In addition to these impressive numbers, the consistency of CIT revenue growth over the past few years signals a robust economic framework.”

The Tinubu Stakeholders Forum explained: “The year-on-year increase of 59.52%, compared to the N1.55 trillion collected in Q2 2023, demonstrates the sustained progress under President Bola Ahmed Tinubu’s leadership.

“His administration has shown a deep commitment to fostering an environment where businesses can thrive despite global and domestic challenges.”

It stated: “The increase in foreign CIT payments by 87.24% from Q1 2024 also reflects improved foreign investor confidence and compliance, a critical aspect of the administration’s broader fiscal reforms.

“We at Tinubu Stakeholders Forum applaud the President and his team for their strategic approach to economic governance, which is driving growth and ensuring a more prosperous Nigeria.”

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

The 150 percent increase in CIT achievement aligns with the current administration’s broader agenda of economic sustainability and national development, added the TSF.