Revenue generated from Company Income Tax has risen by 35.6 percent Year-on-Year to N532.48 billion in the first quarter ended March 2022 from N392.7 billion in the corresponding period of 2021.

Breakdown of data from the National Bureau of Statistics also showed the figure rose by 53.1 percent Quarter-on-Quarter from the N347.8 billion generated in Q4’2021.

Analysis of the Q1’22 data showed that foreign CIT payments amounted to N323.4 billion, while the local payments amounted to N209.1 billion, representing 60.7 percent and 39.3 percent respectively, of the total CIT numbers.

Further details show that foreign CIT payments recorded a 263.5 per cent Q/Q increase and a 175.3 per cent Y/Y increase while local payments declined by 19.2 per cent Q/Q but increased 37.3 per cent Y/Y.

The increase follows the renewed drive by the federal government to bolster its revenue through increased collections from non-oil sources on the back of the new Finance Act 2021 which came into effect in January 2022.