Economy

Revenue from Company Income Tax in Three Months Rises 20.2%

Published

5 years ago

11/08/2021

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).

Economy

NASD Exchange Falls 0.22% After Investors Lose N4.8bn

Published

4 hours ago

29/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange weakened by 0.22 per cent on Tuesday, April 28, with the market capitalisation down by N4.8 billion to N2.420 trillion from N2.425 trillion, and the NASD Unlisted Security Index (NSI) down by 9.01 points to 4,044.96 points from 4,053.97 points.

During the session, the price of Central Securities Clearing System (CSCS) Plc went down by N1.82 to N767.05 per share from N78.87 per share, while FrieslandCampina Wamco Nigeria Plc appreciated by N1.90 to N100.00 per unit from N98.10 per unit.

According to data, the value of trades increased by 265.7 per cent to N27.1 million from N7.4 million units, and the volume of transactions surged by 305.2 per cent to 1.3 million units from 319,831 units, while the number of deals decreased by 6.9 per cent to 27 deals from 29 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with the sale of 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.8 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.

GNI Plc also finished as the most traded stock by volume on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.

Economy

Naira Crashes to N1,380/$ at Official Market, N1,390/$1 at Black Market

Published

5 hours ago

29/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Pressure is beginning to mount on the Nigerian Naira in the different segments of the foreign exchange (FX) market despite an oil windfall triggered by the Middle East crisis.

On Monday, April 27, the domestic currency further weakened against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) by N16.47 or 1.2 per cent to N1,380.71/$1 from the previous day’s N1,364.24/$1.

It was not different against the Pound Sterling in the same market window, as it lost N16.04 to trade at N1,863.76/£1 versus Monday’s closing rate of N1,847.72/£1, and against the Euro, it slipped by N12.72 to close at N1,615.01/€1 versus N1,602.29/€1.

The Naira also depreciated against the Dollar at the black market yesterday by N5 to quote at N1,390/$1 compared with the previous price of N1,385, and at the GTBank forex counter, it further crashed by N9 to settle at N1,379/$1 compared with the preceding session’s N1,370/$1.

The continued decline of the Naira comes as traders increasingly seek other safe-haven currencies amid continued global disruptions.

The benefit awash in the global market is making foreign portfolio investors stay short in Nigerian markets. Despite this, the daily FX publication released showed that interbank turnover rose to $98.829 million across 78 deals, up from $76.65 million.

Meanwhile, the cryptocurrency market remained cautious, with Bitcoin (BTC) trading at $77,216.66 despite surging oil prices and geopolitical tensions over a potential extended US naval blockade of the Strait of Hormuz.

Analysts say the supply overhang has finally dried up, and the sellers who were spooked by macro shifts or quantum fears have already exited, leaving the market much thinner on the sell-side.

Investors will await decisions made by central banks this week. The US Federal Reserve will announce its rate decision later on Wednesday, while the European Central Bank (ECB) follows on Thursday.

Ethereum (ETH) gained 1.5 per cent to trade at $2,324.59, Dogecoin (DOGE) chalked up 1.4 per cent to sell for $0.1016, Solana (SOL) appreciated by 0.6 per cent to $84.85, Cardano (ADA) grew by 0.5 per cent to $0.2483, and Binance Coin (BNB) advanced by 0.2 per cent to $627.15.

However, TRON (TRX) depreciated by 0.6 per cent to $0.3224, and Ripple (XRP) lost 0.03 per cent to sell at $1.39, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were unchanged at $1.00 each.

Economy

Oil up 3% as Hormuz Disruption Outweighs UAE OPEC Exit

Published

5 hours ago

29/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Oil was up by nearly 3 per cent on Tuesday as persistent worries about supply constraints from the closed Strait of Hormuz continued, with Brent futures for June rising by $3.03 or 2.8 per cent to $111.26 a barrel, and the US West Texas Intermediate (WTI) crude futures growing by $3.56 or 3.7 per cent to $99.93 a barrel.

An earlier round of negotiations between the United States and Iran collapsed last week after face-to-face talks failed.

Ship-tracking data showed significant disruptions in the region, with six Iranian oil tankers forced to turn back due to the US blockade, but some traffic is still moving.

Prices trimmed some of the advances after the United Arab Emirates (UAE), the fourth-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said on Tuesday it would exit the group on this Friday, May 1, 2026.

This dealt a blow to the oil-exporting group and its de facto leader, Saudi Arabia.

The UAE could quickly ⁠add between 1 million and 1.5 million barrels per day of output. However, with the Strait of Hormuz effectively closed, analysts said that there’s nowhere for that supply to go.

The UAE joined OPEC in 1967, but tension with Saudi Arabia over production quotas has been building for years.

Under the OPEC+ deal, the country has been held to roughly 3 million barrels per day while sitting on capacity above 4 million. It has been pushing toward 5 million barrels per day by 2027, and that target is hard to achieve with quotas built around someone else’s view of the market.

The war in Yemen broke whatever was left of diplomatic patience.

President Donald Trump said he was unhappy with the latest Iranian proposal to end the war. The proposal would avoid addressing the nuclear programme until hostilities cease and Gulf shipping disputes are resolved.

The Idemitsu Maru, ‌a Panama-flagged ⁠tanker carrying 2 million barrels of Saudi oil, and an LNG tanker managed by the Abu Dhabi National Oil Company (ADNOC) crossed the Strait on Tuesday, shipping data showed.

Vortexa data showed that the amount of crude oil held around the world on tankers that have been stationary for at least seven days rose to 153.11 million barrels as of April 24.

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 1.79 million barrels in the week ending April 24. The official data from the US Energy Information Administration (EIA) will be released later on Wednesday.