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Coy income tax for Q4 2022 stood at N753.88bn — NBS




The National Bureau of Statistics (NBS), says aggregate Company Income Tax (CIT) stood at N753.88 billion in Q4 2022.

This is according to the NBS Company Income Tax (CIT) Q4 2022 Report released in Abuja on Wednesday.

According to the report, it showed a growth rate of -6.95 per cent on a quarter-on-quarter basis from N810.19 billion in Q3 2022.

The report said local payments received were N353.90 billion, while foreign CIT payments contributed N399.98 billion in Q4 2022.

It said on a quarter-on-quarter basis, the water supply, sewage, waste management and remediation activities recorded the highest growth rate at 57.40 per cent.

“This was followed by activities of households as employers, undifferentiated goods- and services-producing activities of households for own use at 45.19 per cent.

“On the other hand, information and communication activities had the lowest growth rate with – 65.75 per cent, followed by arts, entertainment and recreation activities at -64.09 per cent.”

In terms of sectoral contributions, the report showed that the top three largest shares in Q4 2022 were manufacturing at 31.20 per cent, financial and insurance activities at 12.96 per cent and Information and communication activities at 12.77 per cent.

“On the other hand, activities of households as employers, undifferentiated goods- and services producing activities of households for own use recorded the least share at 0.01 per cent.

“This was followed by water supply, sewage, waste management, and remediation activities at 0.12 per cent, and activities of extra-territorial organisations and bodies at 0.14 per cent.”


The report, however, said, on a year-on-year basis, CIT collections in Q4 2022 increased by 116.75 per cent from Q4 2021.

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Naira Appreciates To ₦‎1,280/$ At Parallel Market




The naira, on Friday, appreciated to N1,280 per dollar at the parallel section of the foreign exchange (FX) market.

The current FX rate signifies a 5.19 percent appreciation from the N1,350/$ reported on March 27.

Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the greenback at N1,260 and the selling price at N1,280 — leaving a profit margin of N20.

“The price of the dollar as well as other major currencies have been falling. It is affecting our business as some customers prefer to keep their currencies than change it with us,” a currency trader identified as Aliyu told TheCable.


At the official section of the FX market, the local currency depreciated by 0.69 percent to N1,309.39/$ on March 28 — from N1,300.43/$ on March 27.

Meanwhile, the Central Bank of Nigeria (CBN), on March 29, said the economy recorded over $1.5 billion in foreign exchange (FX) inflow this month, indicating its monetary policy initiatives are effective.

The apex bank said the naira is headed in the right direction, and the administration of Yemi Cardoso, CBN governor, remains committed to ensuring the stability of the market and the appropriate pricing of the naira against other major currencies worldwide.

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Inflation To Fall In 2024 — CBN




The Central Bank of Nigeria’s governor Yemi Cardoso expects headline inflation to fall to 21.4 per cent in 2024.

The apex bank’s governor disclosed this during his keynote speech at the launching of the Nigerian Economic Summit Group macroeconomic outlook report for 2024.

He said, “Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, which aims to rein in inflation to 21.4 per cent.”


According to him, the inflation targeting will help the government in its battle against inflation which hit 28.9 per cent in December. Lower rates will ultimately affect businesses, he alluded.

“The outlook for decreasing inflation in 2024 will have a profound impact on businesses, providing a more predictable cost environment and potentially leading to lower policy rates, stimulating investment, fueling growth, and creating job opportunities,” Cardoso said.

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