Business
Coy Income Tax Increases By N472.07bn In Q2 – NBS

The National Bureau of Statistics (NBS) says N472.07 billion was generated as Company Income Tax (CIT) in Quarter Two (Q2, 2021) as against N392.64 billion generated in Q1.
The NBS said this on Wednesday in Abuja in its “Company Income Tax By Sector Q2, 2021” data published on its website.
The sum which reflected an increase of N79.43 billion over Q1 also reflected an increase of N70.04 billion over N402.03 billion that was generated in Q2, 2020.
The NBS said that the figure represents 20.23 per cent increase Quarter-on-Quarter and 17.42 per cent increase Year-on-Year.
“Professional services generated the highest amount of CIT with N130.09 billion generated, closely followed by other manufacturing which generated N87.27 billion, while banks and financial institutions generated N60.01 billion.
“Textile and garment industry generated the least with N27.23 million, closely followed by automobiles and assemblies with N62.15 million and pioneering with N64.30 million generated.”
The bureau said that out of the total amounted generated in the period under review, N412.74 billion was generated as CIT locally while N51.61 billion was generated as foreign CIT payment.
It added that the balance of N2.72 billion was generated as CIT from other payments.
The Tide source reports that in arriving at the report, data was provided by the Federal Inland Revenue Service (FIRS), verified and validated by the NBS.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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