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Company Taxes: Nigeria Generates N392.8bn In Q1 2021  -Report 

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5 years ago

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Nigeria generated the sum of N392.8 billion from company income taxes in the first quarter of 2021, the National Bureau of Statistics (NBS) has stated.
According to a quarterly report on company income tax by sectors, recently released by the NBS, the company income taxes in the first quarter of 2021 represents an increase of N971 billion (32.84%) compared to N295.7 billion recorded in the corresponding quarter of 2020 and a 32.82% increase compared to N294.72 billion generated in the preceding period (Q4 2020).
The report also revealed that Breweries, Bottling, and Beverages sector generated the highest amount of company income tax with N23.26 billion generated.
It was closely followed by professional services including Telecoms which generated a sum of N18.17 billion while state ministries and parastatals generated N17.35 billion in the period under review.
Textile and garment industry generated the least company income tax in the period under review with N13.49 million closely followed by mining (N34.4 million) and automobiles and assemblies with N73.57 million.
Out of the total amount generated in Q1 2021, N152.33bn was generated as CIT locally while N184.59 billion was generated as foreign CIT payment. The balance of N55.85 billion was generated as CIT from other payments.
The breweries, bottling, and beverages sector led the list of sectors with the highest company income tax generated in Q1 2021, overtaking professional services, which had led the list in the previous quarter.
Breweries, bottling, and beverages generated a sum of N23.26 billion in the review period, representing 5.6% of the total company income tax generated by Nigeria, while professional services and telecoms followed closely with N18.17 billion, hereby accounting for 4.6% of the total.
Other sectors, which made the list of top sectors include, State ministries and parastatals with N17.35 billion, manufacturing (N16.25 billion), oil-producing (N15.36 billion), and trading with N13.5 billion.
In terms of the increase in sectoral company income tax, the breweries, bottling, and beverages sector recorded an increase of 329.5% year-on-year in Q1 2021 compared to N5.42 billion recorded in the corresponding period of 2020. It also increased by 109.3% compared to N11.11 billion recorded in Q4 2020.
Stevedoring, clearing and forwarding businesses was a distant second on the list with N1.6 billion generated as company income tax. This represents a 73.4% increase when compared to N921.92 million recorded in Q1 2020.
It would be recalled that a 52.93% year-on-year increase in value-added taxes generated by Nigeria in Q1 2021 as it recorded N496.39 billion VAT. This means that Nigeria has received a sum of N792.1 billion in Q1 2021 from CIT and VAT.
Revenue generated from these taxes represents 86.1% of the projected tax revenue (N920.14 billion) in the 2021 budget document.

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Association Woos Govt, Coys On  Boat Operators  Employments

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2 weeks ago

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June 12, 2026

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The leadership of Bonny Maritime Boat Association has called on Rivers state Government and oil companies operating in the state to provide sustainable employment to unemployed boat Operators.
The Association also want the government, companies and other relevant employers of labour to provide trainings for boat Operators to enhance their skills
Safety Officer of the Association, Comrade Kingdom Kingsley made this known in  a  telephone interview with  The Tide.
He noted that most of the boat Operators and owners plying Bonny route lacks jobs due to the fleets of boats introduced by Bonny Road Transport that had taken over the passengers to the Island
He noted that passengers are no longer patronizing boats owned by the Association, thereby rendering the operators redundant
“Most of our operators can not afford to feed their families due to no jobs, we don’t want to indulge in crime, government should fix our members with  sustainable jobs to take care of their immediate needs”
He called on oil companies operating in the state to engage their skilled boat Operators in their companies to reduce the sufferings faced by the Association.
The Safety Officer called on the state government  to made funds available to unemployed youths in the state to start up business than roam the streets.
He noted that provision of funds to youths would reduce crime rates and reposition their mindsets for a better life
“The  youths of Rivers state are suffering, have no job to feed their families, thereby indulging in criminality daily”
“The youths need empowerment,  jobs,  recreational facilities and better things of life as citizens of this Nation”, Kingsley said.
CHINEDU WOSU
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FG Approves $1 Bn AFCFTA Credit Facility For Nigerian Exporters

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2 weeks ago

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June 12, 2026

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The Federal Government has approved a whooping $1bn credit facility to support Nigerian exporters and small scale businesses to take advantage of the African Continental Free Trade Area (AfCFTA) in order to boost production, competitiveness and intra-African trade.
The $1bn AfCFTA Adjustment Fund Credit Facility is also expected to address some of the financing gap being faced by Nigerian exporters and enhance the competitiveness of African businesses within the continental market.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this  during the second quarter 2026 meeting of the AfCFTA Central Coordination Committee held in Abuja.
According to a statement issued by the ministry’s Head of Press and Public Relations, Obilor-Duru Okechi, Oduwole said the financing facility represented a major opportunity for Nigerian businesses seeking to expand operations, modernise production processes and increase exports to African markets.
The statement partly read, “?The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a US$1 billion AfCFTA Adjustment Fund Credit Facility aimed at boosting production, competitiveness, and intra-African trade.”
She noted that despite the progress Nigeria had made in implementing the continental trade agreement, many local businesses continued to face obstacles that limited their ability to take advantage of the single African market.
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“Many businesses still face challenges relating to export documentation, certification, standards compliance and market access,” the minister said.
She explained that the Federal Government was addressing these bottlenecks through enhanced trade facilitation measures, simplified AfCFTA guidance tools, stakeholder engagement programmes and stronger collaboration with institutions such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole stressed the need to strengthen Nigeria’s legal and regulatory framework by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol, to position the country as a major player in Africa’s growing digital economy.
The minister also highlighted some of the gains recorded in Nigeria’s AfCFTA implementation efforts.
According to her, the expansion of Nigeria’s Air Cargo Corridor Initiative to Rwanda, increased collaboration with development partners and private sector players, as well as sustained engagement with state governments, were helping to deepen awareness and participation in the continental market.
In her welcome address and first-quarter update, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, provided details of the financing initiative.
Okala said the $1bn AfCFTA Adjustment Fund Credit Facility was targeted at large African businesses with a minimum financing capacity of $10m.
She revealed that the National AfCFTA Coordination Office was working closely with fund managers to facilitate access for eligible Nigerian companies and had begun assembling a pilot group of businesses to ensure that Nigeria maximised the opportunities provided by the facility.
Nkpemenyie Mcdominic, Lagos
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NIWA Harps On  Avoidance Of Leaking Boats

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2 weeks ago

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June 12, 2026

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The National Inland Waterways Authority (NIWA) has advised Nigerians against boarding boats that require constant bailing of water in the interest of their safety.
 NIWA Area Manager for Cross River and Ebonyi, Mr Stanley Onuoha gave this warning in an interview with Newsmen in Calabar.
Onuoha who spoke on waterway
safety, said that passengers should take responsibility for their safety by inspecting boats before embarking on any journey.
According to him, repeated scooping of water from a boat is a clear indication that the vessel may be leaking.
“If you are entering a boat and see people using a bailer to remove water, it is the first signal that the boat is leaking,” he said.
He urged passengers to check the integrity of boats, including seating arrangements and other visible safety features.
The Manager restated the importance of using safety jackets, saying that damaged jackets may fail during emergencies.
He further said that passengers should ensure that safety jackets were appropriate for their body sizes in order to guarantee effective flotation.
 Onuoha reiterated the need for passengers to fill manifests before departure to aid accountability during emergencies.
The NIWA official further advised travellers to monitor weather conditions and avoid boarding boats when the weather is unfavourable.
According to him, poor weather conditions can trigger strong tidal waves capable of affecting small boats commonly used on inland waterways.
He said that waterway journeys should be embarked upon between 6.00a.m and 6.00p.m for clearer visibility.
Onuoha said  the Authority had continued to sensitise riverine communities to the need for safety precautions during waterway journeys.
He stated that sustained awareness campaigns and enforcement measures had contributed to safety waterway safety in Cross River.
CHINEDU WOSU
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