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Nigerian Manufacturers’ Tax Contributions Surge 84% in Q2 2024 Despite Economic Downturn

Nnaemeka OkwarabyNnaemeka Okwara
September 10, 2024
in Business & Finance
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Nigerian Manufacturers’ Tax Contributions Surge 84% in Q2 2024 Despite Economic Downturn
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According to recent data from the National Bureau of Statistics (NBS), Nigeria’s manufacturing sector became the largest taxpayer during the second quarter of 2024, with contributions to tax reaching their highest point in nine months. This was against a backdrop of significant contraction and continued economic challenges faced by the industry.

In Q2 2024, manufacturers paid N405.86 billion in taxes including Company Income Tax(CIT) and Value Added Tax(VAT). The amount represented an increase of 84.1% from N220.35 billion collected during Q1 2024 but dropped marginally (by 2.1%) compared to Q2 2023.

The CIT paid by manufacturers bounced back rather strongly during Q2 2024 to stand at N221.97 billion, an increase of 413.9% over what was collected in Q1 2024. It was however still lower than what was registered for this period in previous year by 15.5%. On the other hand, VAT collections rose to N183.89 billion representing an increase of 3.8% over Q1 2024 and 21.1% above those recorded during the same period last year (Q2 2023).

Manufacturers contributed 8.99% of all CITs collected in Nigeria as a whole and 11.78% for all VATs that moved through the country’s economy picture highlighted the current importance of this sector. Such developments are significant considering the fact that the sector has been noted to have contracted and remains fragile amid these economic and infrastructural challenges.

Tags: Businessfederal characterManufacturerNewsNigeriaNigerian Manufacturers' Tax Contributions Surge 84% in Q2 2024 Despite Economic DownturnQ2tax
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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