Economy
Nigeria Records N.247trn Company Income Tax, N1.56trn VAT in Q2 2024
By Adedapo Adesanya
Nigeria’s Company Income Tax (CIT) surged by 150.83 per cent to N2.47 trillion in the second quarter (Q2) of 2024 from the N984.61 billion recorded in Q1 2024, the latest data by the National Bureau of Statistics (NBS) shows.
On a year-on-year basis, the CIT went up by 59.52 per cent from N1.55 trillion in Q2 2023.
“Local payments received were N1.35 trillion, while foreign CIT payment contributed N1.12 trillion in Q2 2024,” the report added.
“On a quarter-on-quarter basis agriculture, forestry and fishing recorded the highest growth rate with 474.50%, followed by financial and insurance activities and manufacturing with 429.76 per cent and 414.15 per cent, respectively.
“On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with –30.22 per cent followed by activities of extraterritorial organisations and bodies with –15.67 per cent.
“In terms of sectoral contributions, the top three largest shares in Q2 2024 were Financial and insurance activities with 15.53 per cent; manufacturing with 8.99 per cent; and Information and communication with 7.84 per cent.
“Nevertheless, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00 per cent, followed by water supply, sewage, waste management, and remediation activities with 0.02 per cent and activities of extraterritorial organisations and bodies with 0.03 per cent,” the stats office noted.
Meanwhile, revenue from Value Added Tax (VAT) hit N1.56 trillion in the second quarter of 2024, a separate NBS data showed.
The increase represented a 9.11 per cent increase from the N1.43 trillion in Q1 2024.
Local payments recorded were N792.58 billion, foreign VAT payments were N395.74 billion, while import VAT contributed N372.95 billion in Q2 2024.
“On a quarter-on-quarter basis, human health and social work activities recorded the highest growth rate with 98.44 per cent, followed by agriculture, forestry and fishing with 70.26 per cent, and water supply, sewerage, waste management and remediation activities with 59.75 per cent,” NBS reported.
“On the other hand, activities of households as employers, undifferentiated goods and services producing activities of households for own use had the lowest growth rate with 46.84 per cent, followed by Real estate activities with 42.59 per cent.
“In terms of sectoral contributions, the top three largest shares in Q2 2024 were manufacturing with 11.78 per cent; information and communication with 9.02 per cent; and Mining and quarrying with 8.79 per cent.
“Nevertheless, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00 per cent, followed by activities of extraterritorial organisations and bodies with 0.01 per cent; and Water supply, sewerage, waste management and remediation activities with and real estate services 0.04 per cent each. However, on a year-on-year basis, VAT collections in Q2 2024 increased by 99.82 per cent from Q2 2023,” the NBS stated.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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