Economy
Revenue from Company Income Tax in Three Months Rises 20.2%
By Ashemiriogwa Emmanuel
The revenue generated by Nigeria as Company Income Tax (CIT) across sectors in the second quarter of 2021 grew by 20.2 per cent quarter-on-quarter, the National Bureau of Statistics (NBS) has said.
Also, the stats office disclosed that the income from the source also increased by 17.4 per cent year-on-year.
It was stated that in Q2 2021, a total of N472.1 billion was realised from all the 28 sectors tracked by the agency compared to N392.7 billion generated in the first quarter of the year.
In the report, it was disclosed that N412.7 billion out of the total amount generated was realized from domestic companies, while N51.6 billion was generated as foreign CIT payment while the remaining N2.72 billion was yielded as CIT from other payments.
In a breakdown analysis, the highest amount of CIT collection was generated from the professional services and telecoms sector, as it raked in N130.1 billion, a 616 per cent growth rate from the N18.2 billion generated in the first quarter of 2021.
From the banking and financial institutions, CIT generation grew by 548.3 per cent to N60 billion from N9.3 billion yielded in Q1 while it rose 22.6 per cent compared to N49 billion generated in the same period last year.
In the building and construction sector, the government was able to generate a total of N5.1 billion from CIT, indicating a 70.5 per cent increase from the N2.9 billion realized in the previous quarter. However, on a year-on-year, CIT dropped by 16.4 per cent compared to N6.1 billion.
The taxes generated from the agricultural/plantations and gas sector increased by 223.5 per cent and 939.8 per cent to N2.99 billion (from 924.4 million) and N8.4 billion (from N806 billion) respectively, on a quarter-on-quarter basis.
In the agricultural/plantation sector, CIT then grew 152.1 per cent compared to N1.2 billion on a year-on-year basis while in the gas sector, it surged by 1,178.4 per cent from N655.5 million.
According to the data, the N13.5 billion generated from commercial and trading activities in the preceding quarter increased by 75.2 per cent to N23.7 billion which relatively shows a 61.5 per cent increase compared to N14.6 billion generated from the sector in Q2 2020.
However, there was a 22.8 per cent decline at the CIT renumerated by federal ministries and parastatals in the comparative period as a total of N4.9 billion was published versus N6.4 billion while it rose year-on-year by 54.6 per cent against N3.2 billion in Q2 2020.
In the same pattern, there was a 34.1 per cent drop to N11.4 billion in the total CIT generated from the state ministries & parastatals sector as against the N17.4 billion yielded in the first three months of 2021. But, this was a different outcome compared to the same period last year, as it grew by 10.7 per cent to N10.3 billion.
Similarly, CTI generated from the oil-producing sector depleted by 46.3 per cent to N8.2 billion from the N15.2 billion obtained in the first quarter of 2021. This also reflects a 3.76 per cent decrease from the N8.6 billion acquired in the second quarter of 2020.
Data on the report showed that the textile and garment sector generated the least which is closely followed by automobiles and assemblies and pioneering with N27.23 million, N62.15 million, and N64.30 million generated for respectively compared to (Q1’21 – 13.5 million, Q2’20 – 32.9 million), (Q1’21 – N73.6 million, Q2’20 – N81.6 million), and (Q1’21 – N204.1 million, Q2’20 – N923.7 million).
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.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn