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

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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.

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“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.”

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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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Steel manufacturers hail Tinubu over $14bn deal

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Kamoru Yusuf

The Basic Metal, Iron and Steel Products Manufacturer, a sectoral arm of the Manufacturer Association of Nigeria, (MAN) has commended President Ahmed Bola Tinubu for his overwhelming performances and efforts towards the nation’s economic growth at the just concluded Nigeria-India economic roundtable meeting in India.

The group also commended the president for attracting the sum of $14 billion investment to boost the nation’s economy adding that the feats recorded by the Bola Tinubu-led government within 100 days of its inauguration will no doubt accelerate economic recovery and business growth in the steel sector.

This is contained in a statement issued on Sunday by the Chairman of the group, Dr. Kamoru Yusuf MON, stressing that, “Iron and Steel sector, if given the required attention and necessary support, is capable of ensuring accelerated growth of the nation’s economy.

Dr. Yusuf, who is also the Group Managing Director of KAM Holding Limited, a wholly owned indigenous Iron and Steel Industry in Nigeria added that, “President Tinubu has by all standards demonstrated his love and readiness to support industrialists. We, in the Iron and Steel sector of the Manufacturers Association of Nigeria, (MAN) are ready to support his administration with data, workable templates and roadmaps that will support Mr. President in his endeavour to succeed in his mandates to Nigerian citizens.

“As major stakeholders in Nigeria’s Project, we received this news with huge excitement and sense of fulfillment and hope that the breakthrough will further change the game of operations as ‘Risk Takers’ in the nation’s business environment. We pledge our unalloyed support to your administration towards ensuring and providing enabling atmospheres for industrialists to continue to thrive.”

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The statement also emphasised that, “President Tinubu’s exceptional efforts in attracting such a substantial investment for Nigeria’s steel sector deserves standing ovation and applause.”

The group therefore promised to continue to support the Minister for Steel Development, Alhaji Shuaibu Audu, in the discharge of his duties at all times.

 

 

 

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Ex-CBN director urges FG to reduce cost of governance

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Dr Titus Okunrounmu, Former Director of CBN

Dr Titus Okunrounmu, former Director, Budgetary Department at the Central Bank of Nigeria (CBN), has advised the Federal Government to reduce the cost of governance in order to stem the country’s debt profile.

Okunrounmu, who gave the advice while speaking with the News Agency of Nigeria (NAN) on Thursday in Ota, Ogun, described the list of ministerial portfolio on Wednesday as over bloated for a country with huge debt profile.

According to him, funding the nation’s recurrent budget with borrowing does not need these large number of ministers and bloated special assistants, which inevitably must allow for allowances and official vehicles.

“These excess baggage was not projected for in the 2023 Federal Budget and the revenue estimates could not cover the recurrent budget.

“In addition, the federal government needs financial discipline to curb corruption in the Ministries, Departments and Agencies (MDAs) to reduce debt profile in the country,” he said.

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Okunrounmu advised the federal government to redouble its efforts and work against policy somersault to encourage influx of foreign investors into the country.

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